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.