Pfizer (PFE) Trades Higher After Better-Than-Expected Third Quarter Results

This morning, pharmaceutical giant Pfizer Inc. (NYSE: PFE) topped third quarter EPS and revenue views. The company reported adjusted EPS of $0.51, versus the consensus of $0.48. While Pfizer reported a 3% drop in revenue to $11.6 billion, the results topped Wall Street views of $11.42 billion. The company attributed the drop in revenue in large part to the unfavorable foreign exchange rates which caused a 4% decline in international revenue from the year-ago quarter.

The 2009 revenues for Pfizer is projected at $49-$50 billion, against the previous guidance of $45-$46 billion and the consensus of $45.3 Billion. Pfizer sees FY EPS of $2.00-$2.05, versus prior guidance of $$1.90-$2.00 and the consensus of $1.98.

"We are pleased with our results this quarter and in our ability to once again deliver solid operational performance in an environment that continues to be challenging," stated Jeff Kindler, Chairman and Chief Executive Officer.

The company is optimistic that despite the poor foreign exchange, that it will be able to continue to meet its commitments with the strong performance of its five Pharmaceutical units and Animal Health business which reflect Pfizer’s 5% operational growth in the last quarter.

"We are beginning to implement our integration plan in order to quickly maximize the value of our expanded and more diversified global product portfolio in key high-growth areas," Kindler added.

Current market movement for Pfizer (NYSE: PFE) is +2.61% before the market opens.

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