Top U.S. drug maker Pfizer just reported its second quarter earnings report that beat the Street. The company saw a profit rise of up to 50% in the quarter thanks to the help of rising sales in most of its key drugs.
These drugs included Lyrica, and a new breast cancer drug called Ibrance, as well as a blood thinner called Eliquis. The three drugs had higher sales, helping the company’s revenue from patented-protect drugs see an increase of 8% to $7.67 billion.
The company’s Lipitor drug, which helps fight cholesterol, was ranked No. 7 in sales with $445 million for the quarter.
For the second quarter, Pfizer reported a quarterly profit of $3.07 billion, or 51 cents per share. In the year ago period, these numbers were $2.05 billion and 33 cents. Adjusted income of share was 67 cents beating the 65 cents that the Street expected.
Revenue however for the company was a miss at $12.9 billion compared to the $13.02 billion that was expected.
Looking ahead, Pfizer has forecast earnings of $2.54 to $2.60 per share and revenue of $52 billion to $54 billion.
CEO Ian Read commented, “We have a strong pipeline with a steady flow of scientific innovation coming from all of our key therapeutic areas.”
“Over the next five years, we project the potential for approximately 25 to 30 approvals of which up to 15 have the potential to be blockbusters,” meaning their annual sales would top $1 billion.
Disclaimer: We have no position in Pfizer Inc. (NYSE: PFE) and have not been compensated for this article.