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Pfizer Tops Estimates in Second Quarter, Reiterates Full Year Outlook

By  +Follow July 30, 2013 8:52AM
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Pfizer Inc. (PFE) , the biggest drugmaker in the world, on Tuesday reported second-quarter earnings that nipped past analyst predictions as the company fought through declining sales that were hamstringed by the loss of exclusivity on the blockbuster cholesterol fighter Lipitor.

For the quarter, NYC-based Pfizer said it generated $12.97 billion in revenue, compared to $13.97 billion in the second quarter last year.  Net income soared to $14.1 billion, or $1.98 per share, versus $3.25 billion, or 43 cents per share, in last year’s quarter.  In February, Pfizer spun-out its animal health business into a new company called Zoetis, Inc. (ZTS) .  In December 2012, it sold its nutrition business to Nestle SA ($NSRGY) for $11.85 billion, accounting for most of the surge in reported income.  Excluding gains from the sale, restructuring costs and other special items, adjusted profits for the second quarter totaled $4.0 billion, or 56 cents per share, compared to $4.45 billion, or 59 cents per share, in the year prior quarter.

Wall Street was expecting EPS of 55 cents on revenue of $13.01 billion.

Sales of Lipitor sank 55 percent from $1.22 billion in the second quarter of 2012 to $545 million in the latest quarter.  Sales of pneumococcal vaccine Prevnar slipped 3 percent to $969 million due to changes in government purchasing patterns.  Counterbalancing those losses, sales of Pfizer’s biggest drug Lyrica, which is indicated for fibromyalgia, diabetic nerve pain and more, improved by 10 percent to $1.13 billion.

Revenue for Pfizer’s leading business units – primary care, specialty care, emerging markets and established products – all declined compared to the year prior quarter.  Ian Read, chairman and chief executive at Pfizer, said in today’s statement that he expects emerging market business growth to accelerate in the second of the year, led by China.

“From a total company view, we are tracking to our expectations for the full year and continue to capitalize on the investments we are making to better position Pfizer for long-term success,” added Read.

The company backed its 2013 forecast of adjusted earnings in the range of $2.10 to $2.20 per share.

Sales of anti-cancer drugs rose 24 percent to $399 million, boosted in part by a 191-percent climb in sales of Xalkori to $67 million and $17 million in sales from new drug Inlyta.

Operating margin improved significantly from 29.9 percent to 41.3 percent.

Marking “the next step in Pfizer’s journey to further revitalize [its] innovative core,” Pfizer said on Monday that it intends to split its company into three new units.  One unit will focus on drugs that are patent-protected beyond 2015.  The second will include vaccines, oncology and consumer healthcare products.  The third will include drugs that have lost – or will soon lose – patent exclusivity, generics and future product collaborations.  The changes are slated to start happening in January.

Two new drugs, blood thinner Eliquis and rheumatoid arthritis drug Xeljanz, are thought by many to have the capabilities to grow into blockbusters, although Zeljanz is facing some hurdles in Europe with negative opinions being offered by a European Medicines Agency committee.  Zeljanz generated $33 million in sales in the second quarter. The FDA is reviewing a supplemental New Drug Application (NDA) for Zeljanz with a decision expected by February.  Topline results are expected from two ongoing phase 3 trials evaluating Zeljanz in the second quarter next year.  The FDA is also reviewing a supplemental NDA for Eliquis, with a decision expected by March 15, 2014. 

During the second quarter, Pfizer repurchased $3.3 billion worth of its common stock, bringing its first-half total to $8.7 billion.

Shares of PFE have risen 20 percent so far in 2013 through Monday’s close at $29.54.  

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


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Results for PFE
Maureen Groppe
30 Mar 15 09:12:02
RT @aawayne: Those dumb Viagra ads don't come cheap. Pfizer spends more on ads than any other drug company. By @CynthiaLKoons http://t.co/y…
Pharmafocus
30 Mar 15 09:11:12
RT @FiercePharma: Pfizer's Lyrica patent fight in England puts NHS docs, pharmacists on defensive http://t.co/sn5WUO32wX $PFE #pharma by @T…
FiercePharma
30 Mar 15 09:10:29
Pfizer's Lyrica patent fight in England puts NHS docs, pharmacists on defensive http://t.co/sn5WUO32wX $PFE #pharma by @TracyStaton
Penny M
30 Mar 15 08:58:25
RT @charlesornstein: RT @ArmstrongDrew: Pfizer spends more than any other drugmaker on ads. By a LOT: $PFE http://t.co/PaX34bec33 http://t…
Bob Herman
30 Mar 15 08:58:19
RT @ArmstrongDrew: Pfizer spends more than any other drugmaker on ads. By a LOT: $PFE http://t.co/TPvmQl8L1W http://t.co/FlWTG4dQEI
Charles Ornstein
30 Mar 15 08:55:48
RT @ArmstrongDrew: Pfizer spends more than any other drugmaker on ads. By a LOT: $PFE http://t.co/PaX34bec33 http://t.co/xlBYoCObkv
Drew Armstrong
30 Mar 15 08:55:11
Pfizer spends more than any other drugmaker on ads. By a LOT: $PFE http://t.co/TPvmQl8L1W http://t.co/FlWTG4dQEI
LifeSciencesMkt
30 Mar 15 08:53:01
RT @CarolineYLChen: Pfizer spends more than any other drugmaker on ads. By a LOT: http://t.co/iAuy1l2Hns $PFE via @CynthiaLKoons
12Stocks.com
30 Mar 15 08:53:01
S&P100 #Stocks Trend $UNH $DOW $IBM $NKE $TWX $MDT $LMT $APC $TGT $RTN $ACN $AMGN $HAL $LOW $PFE $PEP $MRK @ http://t.co/cKkr8csQUU
12Stocks.com
30 Mar 15 08:52:28
Dow #Stocks Trend $UNH $IBM $NKE $TRV $PFE $MRK $MCD $HD $MMM $BA $UTX $DIS $AAPL $VZ $GS $CVX $V $CAT $JNJ @ http://t.co/TvzJfd0RGT
Caroline Chen
30 Mar 15 08:50:09
Pfizer spends more than any other drugmaker on ads. By a LOT: http://t.co/iAuy1l2Hns $PFE via @CynthiaLKoons
Wildnfree
30 Mar 15 08:49:53
RT @aawayne: Those dumb Viagra ads don't come cheap. Pfizer spends more on ads than any other drug company. By @CynthiaLKoons http://t.co/y…
Alex Wayne
30 Mar 15 08:48:43
Those dumb Viagra ads don't come cheap. Pfizer spends more on ads than any other drug company. By @CynthiaLKoons http://t.co/ymaNFNt7Qu $PFE
Oil Gas
30 Mar 15 08:46:17
RT @DozenStocks: Weekly S&P100 #Stocks Performance $ACN $MDLZ $INTC $FCX $SLB $HAL $DOW $DVN $PFE $PEP $BAX $TGT $APC $OXY more@ http://t.…
BlockTradeAlert
30 Mar 15 08:46:04
BLOCK TRADE: $PFE 1,000,000 shares @ $34.89 [11:46:04]
James Underwood
30 Mar 15 08:44:31
RT @OptionsHawk: $PFE looking for a break back over $35, should also make news in near future w/ M&A
Joe Kunkle
30 Mar 15 08:41:06
$PFE looking for a break back over $35, should also make news in near future w/ M&A
pissoff
30 Mar 15 08:15:05
$ARIA breaks resistance. Rallying!! $azn $shpg $cndo $RTRX $abbv $mrk $gsk $azn $bsx $pfe #news #BreakingNews $krft
pissoff
30 Mar 15 08:12:25
$ARIA breaks resistance. Rallying!!!! $azn $shpg $cndo $RTRX $abbv $mrk $gsk $azn $bsx $pfe #news #BreakingNews $krft
Dr. Tro Kalayjian
30 Mar 15 08:04:01
Dr. Charles Reay Mackay To Join Pfizer as Chief Scientific Officer… http://t.co/HruuQ6ByaQ $PFE #pharmaceutical
StockNews
30 Mar 15 08:01:23
$PFE - Dr. Charles Reay Mackay To Join Pfizer as Chief Scientific Officer, Inflammation and Immunology Research http://t.co/oOoPzUpqu8
Solo traders
30 Mar 15 08:01:23
$PFE - Dr. Charles Reay Mackay To Join Pfizer as Chief Scientific Officer, Inflammation and Immunology Research http://t.co/hG0rSE6tic
Financescom-stocks
30 Mar 15 08:01:13
$PFE Dr. Charles Reay Mackay To Join Pfizer as Chief Scientific Officer, Inflammation and Immunology Research Unit http://t.co/tJPXbLqiQv
pissoff
30 Mar 15 07:58:40
Once $ARIA breaks $8.62. Huge short squeeze!!!!!!!!!!! $azn $shpg $cndo $RTRX $abbv $mrk $gsk $azn $bsx $pfe #news #BreakingNews $krft
pissoff
30 Mar 15 07:52:14
$CNDO rallying back after pathetic tree shake ! $azn $shpg $cndo $RTRX $abbv $mrk $gsk $azn $bsx $pfe #news #BreakingNews $krft
Michèlle-anthony
30 Mar 15 07:47:56
RT @InvestWall: The Best Performing Stocks of 2015 in the S&P 500 http://t.co/hUsT9t0evj #stocks $SWKS $BSX $HSP $PFE $FSLR $URBN
BreakingStocksNews
30 Mar 15 07:45:04
$PFE $AMRN: Top Healthcare Performing Stocks: Pfizer Inc. (NYSE:PFE), Amarin ...: http://t.co/tMJOROfsAN
pissoff
30 Mar 15 07:38:48
$ARIA at new HOD. Buyout soon?!!!! $azn $shpg $cndo $RTRX $abbv $mrk $gsk $azn $bsx $pfe #news #BreakingNews $krft
Stock Wire
30 Mar 15 07:35:16
Is Pfizer (PFE) on the Retirement Buy List? $PFE http://t.co/aGZ4WDsDPi
Pako Ruben
30 Mar 15 07:25:49
RT @cirrus_radiatus: Last 6 M based, the highlighted Stocks trading at their lowest Bollinger Band® Width $BABA $GILD $LNKD $PFE http://t.…
StockNewsWires
30 Mar 15 07:10:06
$PFE $HPTX: Pfizer Inc. (NYSE:PFE) And Other Pharmas Could Target Hyperion ...: http://t.co/Wxbt0kDXUk
ProTradersNews
30 Mar 15 07:05:05
$MELA $PFE: Hot Stocks: MELA Sciences (NASDAQ:MELA), Mirati Therapeutics ...: http://t.co/ae4s01gVUk
Often
30 Mar 15 07:00:38
RT @theflynews: Mylan slips amid Abbott share sale, Teva deal for Auspex $MYL $TEVA $ABT $ASPX $ACT $PFE $VRX: Full Story http://t.co/4QTmt…
dougheuring
30 Mar 15 06:59:41
$PFE $LLY ims Ibrance (PFE) TRx increased w/w http://t.co/XTwEJk1kWh
ProVesting
30 Mar 15 06:55:03
$PFE: Whats Hot Today: Pfizer Inc. (NYSE:PFE), Altera Corp. (NASDAQ ...: http://t.co/6s5VyLfDhy
pissoff
30 Mar 15 06:53:25
$IPCI surging on multiple positive Phase I results!!!! $azn $shpg $cndo $RTRX $abbv $mrk $gsk $azn $bsx $pfe #news #BreakingNews $krft
Laura Raquel Mari G.
30 Mar 15 06:52:05
RT @PatrickKLucy: Pfenex to receive $51M payment from Hospira for Lucentis biosimilar https://t.co/647VsOhavk $PFNX, $PFE, $RHHBY
Chris Ahlstrand
30 Mar 15 06:41:44
added some more $pfe calls this morning
pissoff
30 Mar 15 06:41:42
Will $ARIA be the next buyout? Stock rallying!!! $azn $shpg $cndo $RTRX $abbv $mrk $gsk $azn $bsx $pfe #news #BreakingNews $krft
pissoff
30 Mar 15 06:34:45
$IPCI surging on multiple positive Phase I results!!! $azn $shpg $cndo $RTRX $abbv $mrk $gsk $azn $bsx $pfe #news #BreakingNews $krft
Donald J Olive
30 Mar 15 06:25:14
RT @theflynews: Mylan slips amid Abbott share sale, Teva deal for Auspex $MYL $TEVA $ABT $ASPX $ACT $PFE $VRX: Full Story http://t.co/4QTmt…
Alexander Alt Cap
30 Mar 15 06:15:13
$IBB biotch cont to roar. 5 deals annced. $TEVA acq $ASPX for $101/sh. $IPO'd a yr ago at $12/sh $MYL $GILD $PFE http://t.co/RnDZ7zzl5z
Domani Capital
30 Mar 15 06:05:38
RT @theflynews: Mylan slips amid Abbott share sale, Teva deal for Auspex $MYL $TEVA $ABT $ASPX $ACT $PFE $VRX: Full Story http://t.co/4QTmt…
The Fly
30 Mar 15 06:02:33
Mylan slips amid Abbott share sale, Teva deal for Auspex $MYL $TEVA $ABT $ASPX $ACT $PFE $VRX: Full Story http://t.co/4QTmtLR2MX
Cirrus Radiatus
30 Mar 15 05:49:37
Last 6 M based, the highlighted Stocks trading at their lowest Bollinger Band® Width $BABA $GILD $LNKD $PFE http://t.co/IgysVcM663
StockNewsWires
30 Mar 15 05:45:05
$PFE $ERII: Stocks to Watch: China Information Technology, Inc. (NASDAQ:CNIT ...: http://t.co/qg559WXavC
royfberger
30 Mar 15 05:30:18
Unreal SKY tonight $MAT $TSM $IWM $PFE $DRC $LVS $CL $WTW $APC $GDX http://t.co/JUFJoVvAWo http://t.co/3byJ9sRolQ
j l
30 Mar 15 05:21:52
@adamfeuerstein prbly means $PFE got a terrible PD-L1 http://t.co/wpyZpa7Aks
Stock Wire
30 Mar 15 05:20:14
Pain and Erectile Dysfunction Make Pfizer Biggest in Drug Ads $PFE http://t.co/Ug7VR4ykeG
John P. Gavin, CFA
30 Mar 15 05:03:05
Pfizer -- New Data Re-affirms Risk of an Undisclosed SEC Investigation $PFE http://t.co/n4t6TyoH7G
				
				
By  +Follow July 30, 2013 8:52AM
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