Pfizer Beats Q2 Views

reported better-than-expected results for its second quarter on Tuesday. The New York-based company posted quarterly net income of $2.63 billion, or $0.42 per share, compared to $2.91 billion, or $0.45 per share, in the year-ago quarter. Its adjusted earnings slipped to $0.56 per share from $0.58 per share. Its revenue slipped to $11.85 billion from $12.77 billion. However, analysts were expecting earnings of $0.52 per share on revenue of $11.42 billion. The average estimate among 44 Estimize users was for earnings of $0.53 per share and revenue of $11.47 billion. Revenue for the Innovative Products business climbed 17 percent operationally in the latest quarter, while revenue for Established Products business slipped 14 percent operationally. Ian Read, Chairman and Chief Executive Officer, said, "Our second-quarter and year-to-date financial performance is the result of continued business momentum, driven by solid execution of recent product launches in our Innovative Products business, notably Ibrance and Prevnar 13 in adults in the U.S., along with continued growth from Eliquis and Xeljanz, increased focus on and support of growth initiatives within our Established Products business as well as shareholder-friendly capital allocation." Pfizer now expects 2015 adjusted earnings of $2.01 to $2.07 per share, on revenue of $45 billion to $46 billion. The company had earlier projected earnings of $1.95 to $2.05 per share, on revenue of $44 billion to 46 billion. Pfizer shares rose 0.35 percent to close at $34.38 yesterday.