Pfizer revenue jumps 20%; ups FY16 outlook
US pharma giant Pfizer (NYSE: PFE) reported a 20% jump in first-quarter revenue boosted by performance of its new cancer and arthritis therapies and raised its 2016 outlook.
The results were also helped by last year’s acquisition of Hospira.
The drugmaker now sees earnings between $2.38 and $2.48 a share for the year 2016.
The company expects $51 billion to $53 billion in revenue for 2016, up by $2 billion from the previous forecast range.
Chief Financial Officer Frank D’Amelio said: “Changes in foreign exchange rates since mid-January 2016 also favorably impacted our updated guidance. For the remainder of 2016, we expect to continue to advance the Hospira integration while remaining focused on delivering strong operating results.”
For the first quarter, Pfizer posted profit of $3.02 billion, or 49 cents a share, up from $2.38 billion, or 38 cents a share, a year ago. Revenue rose 20% to $13 billion.
Excluding restructuring charges and special items, adjusted earnings grew 67 cents a share, up from 51 cents.
Pfizer said first-quarter revenues were also boosted by about $900 million from additional selling days in the quarter. This imbalance in selling days will be offset in fourth-quarter 2016 resulting in essentially the same number of selling days in full-year 2016 as 2015, the company said in a statement.
Pfizer said revenue growth was also driven by the inclusion of $1.1 billion in sales from Hospira’s operations and continued strong performance of products including breast-cancer drug Ibrance, Pneumonia vaccine Prevnar, and blood-thinner Eliquis.
Chief Executive Ian Read said: “We have made excellent progress integrating the legacy Hospira operations and now expect to achieve $1.0 billion of Hospira cost savings by 2018, 25% more than our initial cost savings target of $800 million.”
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