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Pfizer (PFE) Tops Q3 EPS by 9c

October 27, 2015 6:46 AM

Pfizer (NYSE: PFE) reported Q3 EPS of $0.60, $0.09 better than the analyst estimate of $0.51. Revenue for the quarter came in at $12.1 billion versus the consensus estimate of $11.56 billion.

EXECUTIVE COMMENTARY

Ian Read, Chairman and Chief Executive Officer, stated, “Our business continues to demonstrate strength across key product lines and geographies which has resulted in another quarter of strong financial performance. We have been intently focused on seeking to generate a greater portion of our earnings from increased revenues and I see our product portfolio, product pipeline and recent business development activity as supporting this objective. Importantly, our research pipeline continues to advance with a focus on therapeutic areas of high unmet need where we also have seen advances in biology which could support the development of potential important new therapies to further strengthen our Innovative Products business. The recent addition of the Hospira business nicely augments our Established Products business, which has a strong presence in both sterile injectables and biosimilars. Overall, I see Pfizer as well positioned both financially and strategically to continue delivering value to patients and shareholders.”

Frank D’Amelio, Chief Financial Officer, stated, “Overall, I am very pleased with our financial results to date in 2015. During third-quarter 2015, we were able to grow revenues by 4% operationally, excluding the impact of foreign exchange and legacy Hospira operations, despite the continued significant negative impact from product losses of exclusivity, primarily Celebrex and Zyvox in the U.S. and Lyrica in certain developed Europe markets.

“We raised our 2015 financial guidance for reported revenues(1) and adjusted diluted EPS(2) to reflect the strong performance to date of Pfizer-standalone (excluding legacy Hospira) operations coupled with an improved business outlook for Pfizer-standalone for the remainder of the year. Changes in foreign exchange rates since mid-July 2015 did not materially impact our updated guidance. Additionally, we updated our 2015 financial guidance ranges for adjusted cost of sales(2) as a percentage of reported revenues(1), adjusted SI&A expenses(2), adjusted R&D expenses(2) and reported diluted EPS(1) to reflect the anticipated impact of legacy Hospira operations from September 3, 2015 through fiscal year-end 2015(3) as well as the impact of Pfizer-standalone operations. For the remainder of 2015 and into 2016, we expect to continue to advance the Hospira integration while remaining focused on delivering strong operating results.”

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

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