Pfizer (PFE) Tops the Street in Q3, Raises FY11 Outlook; Still Well-Positioned for Lipitor Expiration
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Price: $26.32 +0.23%
Revenue Growth %: -23.7%
Financial Fact:
Cash dividends paid per common share (in dollars per share): 0.3
Today's EPS Names:
SFST, VLTO, CLIR, More
Revenue Growth %: -23.7%
Financial Fact:
Cash dividends paid per common share (in dollars per share): 0.3
Today's EPS Names:
SFST, VLTO, CLIR, More
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Pfizer (NYSE: PFE) is a rare bright spot Tuesday, amid strong third-quarter numbers.
Revenue for pharmaceutical giant increased 7.5 percent, from $16.0 billion last year to $17.19 billion in the quarter.
Net income, as adjusted, increased 10.8 percent to $4.82 billion, or 62 cents per share.
Overall, the Street was looking for revenue of $16.43 billion and earnings of 55 cents per share.
Adjusted total costs only rose 3.5 percent to $9.92 billion.
U.S. revenue fell 3 percent to $6.9 billion, while International revs rose 15 percent to about $10.3 billion. U.S. revenues represented 40 percent of total revenues in third-quarter 2011 compared with 44 percent in the year-ago quarter, while international revenues represented 60 percent of total revenues in third-quarter 2011 compared with 56 percent in the year-ago quarter.
"Excluding the impact of product losses of exclusivity, all of our businesses generated revenue growth while effectively managing their cost structures," commented CEO Ian Read. "Notably, in our Emerging Markets business, I am pleased that both our innovative and established product portfolios continued to perform well, largely as a result of our targeted investments despite a volatile environment...We remain well prepared for the Lipitor U.S. loss of exclusivity later this month and in various other countries shortly thereafter.
Looking ahead, Pfizer raised its fiscal 2011 adjusted EPS outlook from a range of $2.16 to $2.26, to a range of $2.24 to $2.29, and revs from $65.2 to $7.2 billion to $66.2 to $67.2 billion. The Street is currently looking for earnings of $2.25 per share and revenue of $65.5 billion. Fiscal 2012 guidance was reaffirmed.
Finally, Pfizer expects to spend about $7 to $9 billion on common buybacks, about 7.7 to 39 percent above the $6.5 billion bought back through September 2011.
After starting lower, Pfizer shares have crept back up, and are now up 1 percent to $19.46.
Revenue for pharmaceutical giant increased 7.5 percent, from $16.0 billion last year to $17.19 billion in the quarter.
Net income, as adjusted, increased 10.8 percent to $4.82 billion, or 62 cents per share.
Overall, the Street was looking for revenue of $16.43 billion and earnings of 55 cents per share.
Adjusted total costs only rose 3.5 percent to $9.92 billion.
U.S. revenue fell 3 percent to $6.9 billion, while International revs rose 15 percent to about $10.3 billion. U.S. revenues represented 40 percent of total revenues in third-quarter 2011 compared with 44 percent in the year-ago quarter, while international revenues represented 60 percent of total revenues in third-quarter 2011 compared with 56 percent in the year-ago quarter.
"Excluding the impact of product losses of exclusivity, all of our businesses generated revenue growth while effectively managing their cost structures," commented CEO Ian Read. "Notably, in our Emerging Markets business, I am pleased that both our innovative and established product portfolios continued to perform well, largely as a result of our targeted investments despite a volatile environment...We remain well prepared for the Lipitor U.S. loss of exclusivity later this month and in various other countries shortly thereafter.
Looking ahead, Pfizer raised its fiscal 2011 adjusted EPS outlook from a range of $2.16 to $2.26, to a range of $2.24 to $2.29, and revs from $65.2 to $7.2 billion to $66.2 to $67.2 billion. The Street is currently looking for earnings of $2.25 per share and revenue of $65.5 billion. Fiscal 2012 guidance was reaffirmed.
Finally, Pfizer expects to spend about $7 to $9 billion on common buybacks, about 7.7 to 39 percent above the $6.5 billion bought back through September 2011.
After starting lower, Pfizer shares have crept back up, and are now up 1 percent to $19.46.
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