MUNICH: Pfizer, medicine manufacturing giant, beaten all its records in quarterly results, helped by growing sales of its cancer drugs and demand for its medicines in emerging markets.
On the other hand, the largest U.S. Pfizer said it had earned $2.67 billion, or 42 cents per share, in the third quarter. That compared with $2.59 billion, or 39 cents per share, a year earlier.
Pfizer Chief Executive Ian Read said the company would rely on “operational and financial efficiency and remain opportunistic regarding business development.
Excluding special items, Pfizer earned 57 cents per share. Analysts on average expected 55 cents, according to Thomson Reuters I/B/E/S.
Sales fell 2 percent to $12.36 billion, hurt by generic competition and expiration of a longstanding deal with Amgen Inc(AMGN.O) to co-market its Enbrel arthritis drug. But they topped Wall Street expectations of $12.24 billion.
Pfizer tightened its full-year earnings forecast to between $2.23 and $2.27 per share from its prior outlook of $2.20 to $2.30.
The company officially gave up its six-month pursuit of AstraZeneca after its final $118 billion bid was rejected on May 26. It had hoped to base the combined company in Britain, which has lower taxes than the United States, a maneuver called tax inversion.
