Pfizer (PFE) Tops Q3 EPS by 2c

Pfizer (NYSE: PFE) reported Q3 EPS of $0.57, $0.02 better than the analyst estimate of $0.55. Revenue for the quarter came in at $12.4 billion versus the consensus estimate of $12.24 billion.

Ian Read, Chairman and Chief Executive Officer, stated, “Our key in-line products continued to perform well with our most recent product launches exhibiting further momentum during the quarter. We also generated solid revenue growth in emerging markets and see these geographies as continuing to offer attractive growth opportunities for the company. Regarding our development pipeline, we were pleased that the U.S. Food and Drug Administration (FDA) accepted our breast cancer compound, palbociclib, for review and also granted it Priority Review status. We believe palbociclib may represent a significant advancement for the treatment of women with advanced breast cancer. Within our Vaccines business, we received a positive recommendation from the U.S. Centers for Disease Control and Prevention’s (CDC) Advisory Committee on Immunization Practices (ACIP) for the use of Prevnar 13 in adults aged 65 and over while our marketing application for our meningitis B vaccine candidate, to be branded Trumenba, is under regulatory review in the U.S. with Priority Review status. In addition, we announced that our vaccine candidate in development for C. difficile was granted Fast Track designation by the FDA.”

“We remain strategically focused on driving increased innovation and enhancing our global competitive position both in terms of operational and financial efficiencies and remain opportunistic regarding business development that can enhance or accelerate our strategy. Given our continued strong financial position, I see Pfizer as well positioned to potentially allocate capital for the benefit of shareholders across multiple financial and strategic opportunities,” Mr. Read concluded.

Frank D’Amelio, Chief Financial Officer, stated, “Overall, I am pleased with our third-quarter 2014 financial results despite the continued negative impact from product losses of exclusivity and the termination of certain co-promotion collaborations. We updated certain components of our 2014 financial guidance to reflect our performance to date, recent changes in foreign exchange rates and our outlook for the remainder of the year, which continues to include the anticipated negative impact from multi-source generic competition for Celebrex in the U.S. beginning in December 2014.”

“Additionally, the board of directors last week authorized a new $11 billion share repurchase program, to be utilized over time, in addition to the $1.3 billion of authorization remaining under the company’s current share repurchase program. We continue to expect to repurchase approximately $5 billion of our shares this year, with $4.2 billion repurchased through October 27. We continue to expect these 2014 repurchases and planned repurchases to reduce total shares outstanding by approximately 100 million shares by the end of the year after factoring in actual and projected dilution related to employee compensation programs,” Mr. D'Amelio concluded.

Pfizer sees FY2014 EPS of $2.23-$2.27, versus prior guidance of $2.2-$2.3 and the consensus of $2.24. Pfizer sees FY2014 revenue of $48.7-49.7 billion, versus prior guidance of $48.7-50.7 billion and the consensus of $49.5 billion.

For earnings history and earnings-related data on Pfizer (PFE) click here.

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