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Strong pneumonia vaccine sales help Pfizer to top Street estimates

Excluding one-off items, Pfizer earned US$0.67 a share, beating the average analyst estimate of US$0.64 per share
Prevnar accounted for 11.5% of Pfizer’s total quarterly revenue

Strong sales of its blockbuster pneumonia vaccine Prevnar helped Pfizer Inc (NYSE:PFE) to top market forecasts with its third quarter results.

The largest drugmaker in the US sold just over US$1.5bn worth of Prevnar in the quarter, down nearly 1% from a year earlier but ahead of Wall Street expectations of US$1.46bn.

Revenues rise for first time in four qaurters

The vaccine helped net income to more than double to US$2.84bn, or US$0.47 a share. Excluding one-off items, Pfizer earned US$0.67 a share, beating the average analyst estimate of US$0.64 per share.

Total revenues rose 1% to US$13.17bn, in line with market forecasts. The small uptick did mark the first time in four quarters that the top line registered growth.

After the strong quarterly performance, Pfizer upped the midpoint of its full-year adjusted earnings forecast by US$0.03 to a range of US$2.58 to US$2.62.

The New York-based group also tightened its revenue guidance to US$52.4bn to US$53.1bn, from US$52bn to US$54bn.

‘Wave of product launches ahead’

“Looking ahead, we are encouraged by the convergence of two positive trends: an expected decline in the unfavourable revenue impact associated with product losses of exclusivity and the beginning of an expected multiyear wave of potential new product launches and product line extensions driven by our pipeline,” said chief executive Ian Read.

“We believe that the convergence of these trends, coupled with anticipated continued strong growth from the aforementioned innovative products, positions the Company for long-term success.”

Pfizer added that it would make a decision on whether or not to sell or keep part or all of its consumer health business in 2018.

Shares dipped 0.7% to US$34.91 in early deals on Tuesday.

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Pfizer Timeline

November 23 2015

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