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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
1 Sep 14 10:59:54
$PFE Hitting Buzz $DVN $TSO $UGAZ $ACHN $JALA http://t.co/LbYm45KLYA
Andy Biotech
1 Sep 14 10:51:54
$REGN $SNY $AMGN $PFE #PCSK9 -> @JacobEPVantage: SocGen on alirocumab Odyssey data at #ESCcongress http://t.co/q43VBU41L2
Carmen Hill
1 Sep 14 10:44:02
$PFE (Pfizer Inc) outlines existing 1.0 of rate of daily change: http://t.co/rRyPqE8QjY
1 Sep 14 08:51:04
$DGLY Digital Ally (DGLY) 18.66 +2.98 (+19.01%) $APC $PFE $QTMM http://t.co/fd7UQVmma7
1 Sep 14 08:50:45
Dow #Stocks Trend $VZ $T $CVX $UNH $MSFT $GS $HD $CAT $JNJ $AXP $JPM $KO $MRK $IBM $MMM $DD $PFE $TRV $PG $GE @ http://t.co/TvzJfd0RGT
Jeffrey Tam
1 Sep 14 08:26:19
Talk of a Pfizer takeover with AstraZeneca still ongoing and causing share increases: http://t.co/zXgTzc1yvX #pharma $PFE $AZN #healthcare
Chasing Stars
1 Sep 14 08:11:57
$JNK Shares http://t.co/OqXkZiocpz Also See: $NKE $IWM $GE $PFE ~
Financial Headlines
1 Sep 14 07:40:19
$PFE: AstraZeneca Pops on Possibility of Another Pfizer Bid http://t.co/28ZPYDTuuI http://t.co/FuNrqN5akm
1 Sep 14 07:39:34
RT @JohnCFierce: Round two? Market rumors on a new Pfizer bid for AstraZeneca heat up - $PFE $AZN http://t.co/v2yWEf2O7L
Expert Opinion
1 Sep 14 07:32:53
RT @JohnCFierce: Round two? Market rumors on a new Pfizer bid for AstraZeneca heat up - $PFE $AZN http://t.co/v2yWEf2O7L
Investors Hangout
1 Sep 14 07:30:40
$ITMN Filings http://t.co/38R4tTZjVu Also See: $URBN $MRK $PFE $XIV ~
average guy
1 Sep 14 07:25:22
RT @FiercePharma: #ICYMI yesterday: Pfizer's C. diff vaccine gains on Sanofi with FDA fast-track nod http://t.co/dn3TGnBJNa $PFE $SNY #phar…
Investors Hangout
1 Sep 14 07:12:52
clayton: $PFE 29.39 http://t.co/JE8ZtqMy8D
Investors Hangout
1 Sep 14 07:12:52
clayton: $PFE 29.39 http://t.co/iWYiKAjkSw
1 Sep 14 07:09:37
$PFE 29.39 http://t.co/avZk7klmoB
Investors Hangout
1 Sep 14 07:06:39
leahanne: $TS Tenaris S.A. (TS) 44.30 +0.40 (+0.91%) $PFE http://t.co/1WatVJdkZe
Investors Hangout
1 Sep 14 07:06:17
leahanne: $TS Tenaris S.A. (TS) 44.30 +0.40 (+0.91%) $PFE http://t.co/dylzLXT5Tz
GestaltU and BPG
1 Sep 14 07:04:14
#HBR $PFE spent more on buybacks and dividends than it earned and tapped its capital reserves to help fund them.
1 Sep 14 07:00:46
$TS Tenaris S.A. (TS) 44.30 +0.40 (+0.91%) $PFE $CPG.TO $UPZS http://t.co/3bZtzotE15
Chasing Stars
1 Sep 14 06:58:44
$INTC EOD Data http://t.co/yCfuLL5rTT Also See: $IYR $EWQ $DE $PFE ~
Emma Pettengale
1 Sep 14 05:51:48
RT @JohnCFierce: Round two? Market rumors on a new Pfizer bid for AstraZeneca heat up - $PFE $AZN http://t.co/v2yWEf2O7L
1 Sep 14 05:18:23
RT @FiercePharma: Top-read on Fierce #Vaccines yesterday: Does Pfizer still need AstraZeneca's vaccines business? http://t.co/6MVaf6DLHx $P…
1 Sep 14 05:18:20
RT @ZonebourseNews: Sanofi: la FDA veut une évaluation des risques liés aux traitements du cholestérol http://t.co/EbOWcr8eJM $AMGN $PFE $R…
Investors Hangout
1 Sep 14 04:18:04
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Chasing Stars
1 Sep 14 03:46:57
$FEZ Filings http://t.co/G9gz9fvQEc Also See: $AAPL $PFE $GNCP $XEG.TO ~
Dan Padyjasek
1 Sep 14 03:26:28
@fezziwig2008 you're right ... I overlooked $PFE's vaccine .... I'll be selling run up! Thank you !
1 Sep 14 03:01:03
Weekly Dow #Stocks Trend $VZ $CVX $T $UNH $MSFT $GS $HD $CAT $AXP $JNJ $JPM $MRK $KO $IBM $DD $MMM $PFE $TRV @ http://t.co/TvzJfd0RGT
Financial Headlines
1 Sep 14 02:40:13
$PFE: Fed Chair Yellen's assets up 8% during 2013 http://t.co/UNe2VvfeL8 http://t.co/9C272CV759
Chasing Stars
1 Sep 14 02:34:19
$EWG Prev Close http://t.co/5XrPhsQ6m8 Also See: $EA $AU $NGD $PFE ~
Investors Hangout
1 Sep 14 02:30:15
$EWG Last Price http://t.co/0rx6ilCsOE Also See: $EXPE $NFLX $PFE $VXX ~
Chasing Stars
1 Sep 14 02:15:07
$EPI Last Trade http://t.co/CgEXn9AjMM Also See: $PFE $XLV $EMC $GOOG ~
Investors Hangout
1 Sep 14 01:28:12
$EA Day Low http://t.co/piXFzv9hML Also See: $CDE $XOP $NFLX $PFE ~
Dow Stocks
1 Sep 14 00:16:20
#Dow #stocks $PFE Pfizer Daily:0.03% Weekly:1.63% YTD:-2.39% Trend:70 / 100 http://t.co/eX04HByJ2u
Stock Forums
1 Sep 14 00:11:54
$DDM 52Wk High http://t.co/IVDPyVhCVt Also See: $AMAT $SLXP $PFE $GILD ~
31 Aug 14 23:19:16
Market report: Astra rises on Pfizer bid talk - Telegraph. #Bullish or #Bearish on $PFE. Share with us here: http://t.co/qphQH58B67
Stock News Updates
31 Aug 14 21:40:11
$PFE: Traders Bank On Pfizer Inc. (PFE) Hurdling Resistance http://t.co/LtbBu2XQwN http://t.co/DND5kWIuNK
Monika Clodius
31 Aug 14 21:26:35
RT @pharmalot: Pfizer faces more lawsuits over #Lipitor lawsuits as lawyers advertise for more clients http://t.co/A9s28CGZun #pharma $PFE
Investors Hangout
31 Aug 14 21:18:45
$BIDU P/E Ratio http://t.co/zZI1lnyJvW Also See: $ANV $RIG $M $PFE ~
31 Aug 14 20:51:58
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31 Aug 14 20:24:37
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31 Aug 14 20:11:05
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31 Aug 14 19:55:10
http://t.co/jYcEVtZYAh Stock_Tracker: Stock DD Board: Pfizer Inc (PFE) 29.39 $PFE Secondary Analysis of http://t.co/toVypD6k08
Market News
31 Aug 14 19:40:14
$PFE: 3 Reasons Pfizer Inc.'s Stock Could Fall http://t.co/QYawFMw8KJ http://t.co/8156xvd1dZ
Stock Forums
31 Aug 14 19:09:09
$AAPL Summary http://t.co/er7Zg3SmF4 Also See: $PFE $DRYS $ATHM $YPF ~
Chacha Chaudhary
31 Aug 14 19:00:43
@Mykalt45 news about some takeover?? $PFE $MDVN
31 Aug 14 18:14:26
$AAPL $JNJ $PFE $SO $UNP Here’s what history says about the stock market in September http://t.co/mPAxmOKb9M
Matt Berry
31 Aug 14 17:28:36
$REGN $AMGN $PFE $AEGR "Cholesterol Drug Halves Heart Attack and Stroke in Early Test" http://t.co/dnwgYUx9Tr @MattBerry01
Tarquin B-Coles
31 Aug 14 14:31:53
RT @FierceBiotech: Round two? Market rumors on a new $PFE bid for $AZN heat up - http://t.co/5AoDya74xH by @JohnCFierce
Chacha Chaudhary
31 Aug 14 12:42:53
Will the US investors get some happy news on Labor day? $PFE takeover.. $MDVN takeover or $CELG taking $BLUE Not in last 1... but probabilty
Bulls vs Bears
31 Aug 14 11:40:13
$PFE: Dow 30 Stock Roundup: UTX Reiterates Guidance, BA Wins $8.8B Order http://t.co/oz1HRlI1QG http://t.co/aubgrR44nE
By  +Follow July 30, 2013 8:52AM



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