New York-based drugmaker Pfizer (PFE) beat market expectations for revenue and earnings per share in the second quarter on Tuesday.

The group announced adjusted (non-GAAP) earnings per share of 64 cents, slightly ahead of the consensus expectation for earnings of 62 cents per share. This was on revenue of $13.1 billion, also marginally ahead of the forecasted $13.01 billion.

Pfizer stock closed Monday 1.14% higher to $37.31, close to the 2016 high of $37.43. In premarket trading, the stock was dropping by 0.67% to $37.06.

Management also reaffirmed guidance for the full year, suggesting that revenue will be somewhere between $51 billion and $53 billion, with adjusted earnings per share somewhere between $2.38 to $2.48.

CEO Ian Read said of the results, "This performance was driven by all areas of the company, reflecting ongoing strength from our recent product launches and key in-line products."

In addition to investment in the drug development pipeline, management have been keen advocates of mergers and acquisitions as a means of protecting Pfizer from generic competition, and to position the business for future growth.

Pfizer has successfully acquired a number of businesses in recent quarters, including the second-quarter 2016 acquisition of Anacor Pharmaceutical, after failing to tie the knot with AstraZeneca (AZN) and Action Alerts PLUS holding Allergan (AGN) .

Pfizer will lose exclusivity to its Lyrica/Pregabalin treatment in 2018 and will also face generic competition to its Viagra franchise. It remains to be seen whether or not Xeljanz arthritis, Ibrance breast cancer and Eliquis anticoagulant drugs will be enough to offset the effects of lost exclusivity to Lyrica and Viagra.

When terminating its attempt to buy Allergan in April, the group announced that it is still considering splitting its business along two fault lines, demarking older established businesses from its newer innovative businesses. A decision is expected by the end of 2016. 

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