If the 3.6% move higher immediately following the earnings release Tuesday is anything to be accounted for, Pfizer delivered investors the right medicine in the second quarter.
The company reported earnings per share of 78 cents, exceeding Wall Street expectations of 66 cents, though declining slightly from the prior year. Revenue of $11.88 billion exceeded estimates of $11.55 billion.
Unlike many of its Wall Street peers, Pfizer not only provided guidance, but raised it. Pfizer now expects full-year earnings per share between $2.85 and $2.95 on revenue of between $48.6 billion and $50.6 billion.
“Our strong performance in the first half of the year highlights the resiliency of our business even during the most challenging times. The Biopharma business grew 9% operationally in the first six months of the year, driven by strong performances from many key brands. Upjohn faced the expected headwind of generic competition for Lyrica in the U.S. that was partially offset by strong performance in China in second-quarter 2020. We continue to progress toward a successful close of our transaction with Mylan, now expected in the fourth quarter of 2020,” CEO Dr. Albert Bourla said in the earnings release.
When it comes down to it, Cramer would like to clarify, he likes Pfizer, just not as much as some other names.
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