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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
fezziwig2008
4 Sep 15 22:40:09
ESMO 15 The European Cancer Conference Sept 25-29 Searchable Program http://t.co/DPkiJD2qaE $AMGN $RHHBY $PFE $JNJ $ABBV $CELG $HALO $KITE
Stock Wire
4 Sep 15 21:41:15
Pfizer Inc. (NYSE:PFE) Commences Offers To Exchange Any And All Validly ... $PFE http://t.co/ymvpv7D7DR
Norma Dowman
4 Sep 15 20:36:02
RT @NeO_Intel: Pfizer completes Hospira takeover http://t.co/Zv6KSlJsMG $PFE
Zona Harrison
4 Sep 15 19:27:07
RT @CarpeDMinc: $UNIS - Griffin Comments on Recent Sanofi Developments http://t.co/DS6aGmiaU6 $GOOG $PFE $AZN $AMZN $AAPL $BMY
Edwyna Washington
4 Sep 15 17:40:55
RT @TheDustman911: $UNIS - Griffin Comments on Recent Sanofi Developments http://t.co/zUFt7wpblb $GOOG $AMZN $MDT $PFE $SNY $DSKX $RTRX $GV…
Jaclyn Fanger
4 Sep 15 17:27:13
#Pfizer(PBR56 $PFE) completes $17B buy of injectable drugs, infusion tech, & biosimilars co #Hospira(PBR532 $HSP) http://t.co/HobuJfgxKC
Nara
4 Sep 15 15:43:09
JBEM picks average 300%, latest is GNSZ w/ data in 3 days, DD here: https://t.co/gv9He7HRvh $IPXL $LMNX $PFE $LHCG
Stock Wire
4 Sep 15 15:36:37
Big Volume Stocks Today - Sirius XM Holdings Inc. (NASD:SIRI), Pfizer Inc ... $PFE http://t.co/wUnS8MUoNu
Janie Tracey
4 Sep 15 15:09:07
RT @ProVesting: $HSP $PFE: Ex-Hospira CEO Trades Shares for $91 Million Cash in Pfizer Deal: http://t.co/zPPx6E1OtX
FinSentS SP500
4 Sep 15 15:07:01
$PFE:US Pfizer Inc. completes acquisition of Hospira #PFIZER INC http://t.co/Rntxw8Esxk #SP500
TradeTexasBig
4 Sep 15 14:20:26
$azn $mrk $pfe really attractive ..
Jason Knapp
4 Sep 15 14:07:49
As Pfizer $PFE Closes Hospira Acquisition, Analysts Speculate About Spinoff http://t.co/Gd9ShNSass #investing #spinoff #specialsituation
JuniorTrdr
4 Sep 15 13:04:50
RT @AnalystWire: Hospira $HSP Ratings Boosted by S&P Following Completion of Pfizer $PFE Deal http://t.co/LVftAjp10N
12Stocks.com
4 Sep 15 12:58:41
Dow #Stocks Trend $MCD $TRV $V $INTC $UTX $NKE $HD $AAPL $DIS $BA $MMM $CSCO $MSFT $AXP $WMT $XOM $PFE $UNH $KO @ http://t.co/TvzJfcJgPl
Unrelated Nonsense
4 Sep 15 12:31:23
@nyonnais @given2tweet $PFE for $SRPT @ $200.
SIAnalystWire
4 Sep 15 11:55:18
Hospira $HSP Ratings Boosted by S&P Following Completion of Pfizer $PFE Deal http://t.co/LVftAjp10N
Sleek Money
4 Sep 15 11:51:14
Analysts Set Pfizer Target Price at $39.88 $PFE http://t.co/CVeAIidXS2
MarketBeatCom
4 Sep 15 10:17:51
Want automatic email alerts for $PTR $BRK.A $PFE $MRK $ITUB? Subscribe to MarketBeat Daily http://t.co/nSJuDsYidj
wsnewspublishers
4 Sep 15 09:50:10
Intraday Movers: http://t.co/CYqbFmfXbY $PFE $JBLU $ALU
wsnewspublishers
4 Sep 15 09:10:15
Intraday Movers: http://t.co/NvjUv0qVcK $PFE $JBLU $ALU
Pragmatic Profit
4 Sep 15 08:58:44
$SPY is moving outside bounds I expected for today - taking some preventative action. *Buying $PFE Sept (18th) $30 puts for $0.29-31/sh
12Stocks.com
4 Sep 15 08:50:41
Dow #Stocks Trend $INTC $NKE $HD $V $MCD $TRV $UTX $AXP $AAPL $DIS $PFE $BA $CSCO $MSFT $IBM $KO $PG $DD $WMT @ http://t.co/TvzJfd0RGT
Paul D. Rennert
4 Sep 15 08:47:39
@AndytweetM seems to be behaving itself in the $PFE trials and in the Stanford IST trials as far as anyone knows...
StockNewsWires
4 Sep 15 08:44:03
$PFE $HSP: Pfizer Inc. (NYSE:PFE) Shares Under Investors Focus on Buyout …: http://t.co/pLAX6HrrlB
Thomas Collins
4 Sep 15 08:40:57
$PFE Pfizer Inc. Closes Hospira, Inc. Acquisition; Can It Trigger A Split? http://t.co/uVSzfs6JpU
Michael Goodman
4 Sep 15 08:40:54
I still see $PFE splitting off est prods biz. Hospira was acquired to dress it up for a sale. In Q2 call D’Amelio & Read leaned that way IMO
Sweet Platform
4 Sep 15 08:12:41
PFE Top news - Sep 4th, 2015 $PFE http://t.co/URvSwx3McO
Investors Hangout
4 Sep 15 08:00:22
leahanne: Volume Alert - PFE 31.62 Pfizer Inc $PFE Hit a http://t.co/7mCsWNgHky
Investors Hangout
4 Sep 15 08:00:08
leahanne: Volume Alert - PFE 31.62 Pfizer Inc $PFE Hit a http://t.co/qOKR5fSnBx
leahanne
4 Sep 15 07:56:27
Volume Alert - PFE 31.62 Pfizer Inc $PFE Hit a high today of 31.72 Closing the day 10:30 at 31.62 -0.27 -0.85% http://t.co/L7dnalx0a8
남광민
4 Sep 15 07:54:19
RT @biosimilarz: @PredatorDiaries $PFE needs to divest its own infliximab #biosimilar in EU as part of the acquisition, but not in the US f…
p_code
4 Sep 15 07:53:08
@matthewherper $SRPT $MNKD $Sny $Goog $Gild $Nvo $Lly $Nktr $Pfe
InvestorPlace
4 Sep 15 07:42:56
3 Blue Chips That Could Cramp Your Retirement $PG $K $PFE http://t.co/AG4QR6CZ2J
Salvatore Bruno
4 Sep 15 07:40:30
RT @NeO_Intel: Pfizer completes Hospira takeover http://t.co/SWhWZ7Pbyr $PFE
Biosimilarz
4 Sep 15 07:26:48
@PredatorDiaries $PFE needs to divest its own infliximab #biosimilar in EU as part of the acquisition, but not in the US for some reason?
Ronnie Matrix.
4 Sep 15 07:25:50
RT @FoxBusiness: .@Varneyco: Big losers of Dow stocks: $AAPL, $MCD, $PFE, $DIS, and $NKE. http://t.co/TqdkZ6B7tn
FOX Business
4 Sep 15 07:25:07
.@Varneyco: Big losers of Dow stocks: $AAPL, $MCD, $PFE, $DIS, and $NKE. http://t.co/TqdkZ6B7tn
Stock Wire
4 Sep 15 07:22:12
Pfizer, Inc. (NYSE:PFE) Ratings Update $PFE http://t.co/OyezdBYdba
Luka Milicevic
4 Sep 15 07:06:40
Got my $PFE dividend in the account today. I'll take that, thank you very much!
NeO Intelligence
4 Sep 15 07:01:22
Pfizer completes Hospira takeover http://t.co/SWhWZ7Pbyr $PFE
Charles Zinnel
4 Sep 15 07:00:12
$ARIA (rumor) Hearing they're drawing interest from large pharma companies beside Baxalta $BXLT - DealReporter $ctic $mrk $gsk $pfe $shpg
Charles Zinnel
4 Sep 15 06:59:45
$ARIA (rumor) Hearing they're drawing interest from large pharma companies beside Baxalta $BXLT - DealReporter $ctic $mrk $gsk $pfe $c $bac
Charles Zinnel
4 Sep 15 06:42:18
$ARIA (rumor) Hearing they're drawing interest from large pharma companies beside Baxalta $BXLT - DealReporter $ctic $mrk $gsk $pfe $ctic
Charles Zinnel
4 Sep 15 06:38:53
$ARIA (rumor) Hearing they're drawing interest from companies beside Baxalta $BXLT - DealReporter $ctic $mrk $gsk $pfe $jnj $ctic $c $gs
Charles Zinnel
4 Sep 15 06:34:42
$ARIA (rumor) Hearing they're drawing interest from companies beside Baxalta $BXLT - DealReporter $ctic $mrk $gsk $pfe $jnj $ctic
Market Realist
4 Sep 15 06:31:08
An Investor’s Guide to Merck & Co.'s Earnings in 2Q15 $MRK $XLV $GILD $PFE http://t.co/3T15IpRQk6
Breaking News
4 Sep 15 06:31:03
$PFE $ACAD: Pfizer Inc. (NYSE:PFE) Commences Offers To Exchange Any And All …: http://t.co/SfC7KNOISk
Jessica Greenhood
4 Sep 15 06:31:00
RT @TheDustman911: $UNIS - Griffin Comments on Recent Sanofi Developments http://t.co/zUFt7wpblb $GOOG $AMZN $MDT $PFE $SNY $DSKX $RTRX $GV…
Market Realist
4 Sep 15 06:10:11
FDA Approves Repatha Last Week: Amgen Stock Rises 7.3% $AMGN $IBB $NVS $PFE http://t.co/0QGsErbbWX
Strike Web Marketing
4 Sep 15 05:36:17
RT @Bidnessetc: Pfizer completes its $17 billion acquisition of Hospira - http://t.co/C0zQiAMi8u $PFE http://t.co/lsE1ZaQiag
				
				
By  +Follow July 30, 2013 8:52AM
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