Pfizer Beats Estimates Following Strong Sales of Cancer Drugs

Pfizer (PFE) reported earnings on Tuesday that beat estimates and raised its outlook for the year as newly launched drug treatments continued to perform well in the the second quarter.
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Pfizer (PFE) reported earnings on Tuesday that beat estimates and raised its outlook for the year as newly launched drug treatments continued to perform well in the the second quarter. The company's new breast cancer drug Ibrance generated $140 million in sales following its approval back in February. The drug has been shown to slow the growth of tumors in women with advanced stage breast cancer. The pneumonia vaccine Prevnar 13 also saw strong sales as the global vaccine unit saw revenue jump 44 percent. Pfizer's other oncology drug sales also saw a a 25 percent increase on last year's numbers. Pfizer has adjusted its profit guidance for 2015 from $1.95 to $2.05, up to $2.01 to $2.07 per share. The company also expects sales to reach between $45 and $46 billion. Overall, the drug maker posted earnings of $0.56 per share, down from last year's $0.58 per share. revenue was down about 7 percent to 11.9 billion but still beat estimates. Shares in Pfizer were up on the earnings news despite the dip in profits and the headwinds from the strong dollar, which slashed around $1 billion off the company's revenue numbers.