These 3 Pharma Companies Just Crushed Earnings

Pharmaceutical stocks enjoyed a rally early Tuesday morning after three industry giants all reported positive quarterly results.

Pfizer reported that it earned $0.60 per share in its third quarter on revenue of $12.1 billion. Analysts were expecting the company to earn $0.51 per share on revenue of $11.56 billion. Ian Read, Pfizer's CEO

that the results "continues to demonstrate strength across key product lines and geographies." He noted that the company's research pipeline "continues to advance with a focus on therapeutic areas of high unmet needs." Read also added that the recent addition of the Hospira business "nicely augments" the firm's Established Products business. In addition to a top and bottom line beat, Pfizer revised its full year guidance higher. The company now expects total revenue for the full fiscal year 2015 to be $47.5-$48.5 billion (previously $46.5 to $47.5 billion) and now expects to earn $2.16 to $2.20 per share (previously $2.04 to $2.10).

Bristol-Myers Squibb reported that it earned $0.39 per share in its third quarter on revenue of $4.1 billion. Analysts were expecting the company to earn $0.35 per share on revenue of $3.86 billion. Bristol-Myers

that US sales in the third quarter rose four percent to $2.0 billion while international sales rose four percent (19 percent adjusted for foreign exchange impact). Of note, global sales of Daklinza and Sunvepra grew by $353 million, Opdivo grew by $304 million, Eliquis grew by $250 million. The company issued full year fiscal 2015 guidance and expects to earn $1.85 to $1.90 for the year, exceeding the $1.84 per share analysts were previously expecting.

Finally, Merck announced that it earned $0.96 per share in its third quarter on revenue of $10.073 billion. Analysts were expecting the company to earn $0.92 per share on revenue of $10.08 billion. Merck's CEO Kenneth Frazier

that the company's third quarter results demonstrate that its strategy which "aims to drive future growth, as well as value for patients, society, and shareholders" is "working." Meanwhile, the firm's CFO Robert Davis confirmed that the company has not only met, but will exceed, an annual target of $2.5 billion in net savings versus 2012 by the end of the year. Merck also raised its full year 2015 earnings per share expectations to a range of $3.55 to $3.60 – topping the $3.51 analysts previously projected. The company's full year 2015 sales expectations were also raised to a range of $39.2 billion to $39.8 billion, in-line with analyst expectations of $39.67 billion.