Pfzer (NYSE:PFE) advanced in pre-market trades after the largest U.S. drug maker posted a better-than-anticipated profit in its fiscal third quarter, buoyed by demand for its pneumonia vaccine and breast cancer drug.
The New York-based company also lifted its full-year profit and revenue forecast for the second time in as many months.
Shares advanced as much as 2.5% as of 8:11 a.m. in New York. The stock had closed up 0.4% at $34.17 on Monday, expanding this year’s gain to 9.7%.
Net income decreased to $2.13bn, or $0.34 per share, in the three months ended September 27, from $2.67bn, or $0.42 per share, a year earlier.
On an adjusted basis, the company earned $0.60 per share, surpassing the $0.51 per share average estimate of 16 analysts polled by Capital IQ.
Revenue fell 2% to $12.09bn, hurt in part by foreign exchange rates, but was above the analysts' consensus estimate of $11.56bn.
Revenue from the company’s global vaccines business rose 43% to $1.63bn.
The unit, which includes the Prevnar 13 pneumonia vaccine, contributed about 13.5% to the company's total revenue.
New cancer drug Ibrance generated $230mln in revenue compared with the $207mln average estimate.
Pain drug Lyrica brought in $1.22bn, topping estimates of $1.11bn.
Pfizer now expects 2015 adjusted earnings of $2.16 to $2.20 per share, up from a forecast it had updated last month to $2.04 to $2.10 per share.
Pfizer raised its 2015 revenue range by $1bn to $47.5bn-$48.5bn.