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Pfizer Tops Estimates in Second Quarter, Reiterates Full Year Outlook

By  +Follow July 30, 2013 8:52AM
Tickers Mentioned:

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.

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Results for PFE
Chasing Stars
21 Oct 14 19:14:27
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Dr. Zoidberg
21 Oct 14 18:31:25
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Dr. Zoidberg
21 Oct 14 18:29:46
@genefj @Taq888 @cfcstar @DewDiligence "Showing it" not necessary if "obvious to try". Patent law 101. $ACHN $PFE $GILD Just saying...
carl s
21 Oct 14 18:22:19
RT @biogemfinder: $ARNA a lot of effort to keep it neutral to red. Belsmoke and Belphen is going to kill the remaining stupid shorts $PFE m…
21 Oct 14 18:15:14
$PFE chart: Longer term outlook for PFE. 30 Days.. http://t.co/EvaEHpizKR
TV_Trading Ideas
21 Oct 14 18:15:14
Longer term outlook for PFE. 30 Days. $PFE http://t.co/E5xsHiVCi8
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Alisa Strategy®
21 Oct 14 15:33:45
Harry Walkman
21 Oct 14 15:01:37
$PFE Can This 1 Breast Cancer Drug Turn Pfizer Inc. Into a Growth Stock? http://t.co/aaD8HJ12Py
Stock Forums
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21 Oct 14 12:51:28
$ARNA a lot of effort to keep it neutral to red. Belsmoke and Belphen is going to kill the remaining stupid shorts $PFE must be in talks
21 Oct 14 11:51:40
Roche's Cancer Drug Sales Continue To Grow, May Face Competition In Medium Term http://t.co/TjbaWpj9qK by Trefis Team $RHHBY $PFE $MRK
Investors Hangout
21 Oct 14 11:35:15
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Stock Wire
21 Oct 14 11:29:32
Exxon Mobil Corporation, The Procter & Gamble Company, Pfizer Inc.: The Case ... $PFE http://t.co/erHoVfTHsL
21 Oct 14 07:10:32
Great panel with $blue, $PFE, $AGIO, $GSK and $SNY on the revolution in drug R&D. Video will be up on site tomorrow.
21 Oct 14 04:05:03
Top in Twitter About $PFE (Pfizer Inc symbol PFE) on 10/21/2014 http://t.co/TEYE1G5RlZ
21 Oct 14 03:05:16
Pfizer : Multinational Pharmaceutical Companies Push Back on New Patent Policy http://t.co/hHIj8Va4yH $PFE
21 Oct 14 01:53:40
Can This 1 Breast Cancer Drug Turn Pfizer Inc. Into a Growth Stock?. $PFE, $LLY. http://t.co/K2bfHgMYk3
21 Oct 14 01:50:44
Could This Game-Changing Drug Deliver $10 Billion in Sales Within Its First Year?. $GILD, $PFE, $ABBV. http://t.co/96JcrcOawU
21 Oct 14 01:25:05
Pfizer : NCPA Honors Adherence Efforts of Max Caldwell and Dr. David Holdford http://t.co/T1NFE1ip31 $PFE
Investors Hangout
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Adnan Azam
20 Oct 14 23:07:50
$PFE Pfizer : Multinational pharmaceutical companies push back on new patent policy http://t.co/zhcpcfLokp
20 Oct 14 23:05:21
Pfizer : Despite Generic Releases Report on Renal Cell Carcinoma Market http://t.co/pGjIRDXrZA $PFE $GSK
Investors Hangout
20 Oct 14 22:32:34
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Scott Spencer
20 Oct 14 21:28:35
$PFE $27.96 Pfizer releases vintage cask-aged Robitussin... http://t.co/fnLnAiYXZw
20 Oct 14 21:15:02
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20 Oct 14 19:01:07
RT @biogemfinder: No one likes $OREX apparently. Even $VVUS is faring better. But you know $ARNA will be the king in this space with broade…
Julia Owens
20 Oct 14 18:51:06
RT @lisamjarvis: 5 yrs & $57m later, U Michigan says activity picking up at former $PFE Ann Arbor facility: http://t.co/lVaPYnYkUU
20 Oct 14 16:07:11
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Roy Friedman
20 Oct 14 15:48:25
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Colin Macleod
20 Oct 14 14:00:33
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Mark Mansfield
20 Oct 14 13:49:02
$AAPL not staying up in the AH, probably needs to see $PFE about some Viagra
Mark Newton
20 Oct 14 13:34:13
$T, $CAT, $CSCO, $DD, $GE, $GS, $INTC, $IBM, $MRK, $MSFT, $PFE, $PG, $VZ, $WMT all made All-time Highs BEFORE 2014
20 Oct 14 12:59:49
$ARNA am I seeing a bullish engulfing candle here?? What does that mean? Is that really really bullish or just moderately bullish? $PFE
carl s
20 Oct 14 12:31:32
RT @biogemfinder: $ARNA $ESALY up 3% - very unusual for this company. Perhaps BelPhen & BelSmoke data has been leaked to a select few. $PFE…
carl s
20 Oct 14 12:31:14
RT @biogemfinder: No one likes $OREX apparently. Even $VVUS is faring better. But you know $ARNA will be the king in this space with broade…
By  +Follow July 30, 2013 8:52AM



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