UPDATE: Pfizer Posts Stronger-Than-Expected Q3 Earnings

Pfizer PFE reported better-than-expected earnings for the third quarter and narrowed its earnings forecast for the year. Pfizer now expects full-year earnings of $2.23 to $.27 per share, versus its earlier forecast of $2.20 to $2.30 per share. It now expects sales of $48.7 billion to $49.7 billion, versus $48.7 billion to $50.70 billion. The New York-based company reported a quarterly profit of $2.67 billion, or $0.42 per share, versus a year-ago profit of $2.59 billion, or $0.39 per share. Excluding certain items, the company's earnings declined to $0.57 per share from $0.58 per share. Its revenue fell 2.2% to $12.36 billion. However, analysts were expecting earnings of $0.55 per share on revenue of $12.24 billion. Pfizer's global established pharmaceutical segment revenue fell around 7% to $6.24 billion, while global innovative pharmaceutical unit's revenue slipped about 4% to $3.49 billion. Global vaccines revenue climbed 19% to $1.14 billion in the period. The consumer health-care division's sales surged 4% to $821 million in the quarter. Frank D'Amelio, Chief Financial Officer, stated, "Overall, I am pleased with our third-quarter 2014 financial results despite the continued negative impact from product losses of exclusivity and the termination of certain co-promotion collaborations.” Pfizer shares rose 1.51% to $29.55 in pre-market trading.