These Two New Areas Were Behind Pfizer’s Impressive Second Quarter Profits

August 2, 2016, 1:40 PM UTC
Drugs From European Pharmaceuticals Companies As Stocks Outperformed The Stoxx 600 Index By 1.2 percentage Points
The Pfizer company logo sits on packaging for Vibramycin, an antibiotic tablet, produced by Pfizer Inc., on a pharmacy's shelf in this arranged photograph in London, U.K., on Monday, Dec. 14, 2015. European pharmaceuticals stocks in 2015 have outperformed the Stoxx 600 Index by 1.2 percentage points in U.S. dollar terms. Photographer: Simon Dawson/Bloomberg via Getty Images
Photo by Simon Dawson/Bloomberg via Getty Images

Pfizer (PFE) reported better-than-expected quarterly revenue and profit, driven by sales of newer drugs and the acquisition of hospital products company Hospira.

The largest U.S. drugmaker’s revenue rose about 11 percent to $13.15 billion in the second quarter, edging past the average analyst estimate of $13.01 billion.

Sales of generic medicines rose 15.7 percent in the quarter to $6.04 billion, while sales of its array of patent-protected drugs jumped 7.2 percent to about $7.11 billion.

Pfizer last year completed its $16 billion purchase of Hospira, which makes a wide array of drugs and devices used in hospitals, especially sterile injectable products. Hospira products posted sales of about $1.14 billion in the quarter.


The company’s recently launched breast cancer treatment, Ibrance, generated sales of $514 million, up from $140 million in the year-ago quarter and eclipsing the average Wall Street expectation of $496 million, compiled by Evercore ISI.

Pfizer, which in April terminated its $160 billion tax inversion deal to acquire Irish drugmaker Allergan (AGN), said it earned 64 cents per share, excluding special items, beating the average analyst estimate by 2 cents.

The Viagra maker’s net income fell to $2.02 billion, or 33 cents per share, from $2.63 billion, or 42 cents per share.

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