Pfizer 3Q Earnings Powered by Oncology, Beat Estimates (Reuters)
The United States’ largest drug maker, Pfizer Inc., reported that Q3 earnings beat estimates. The company earned $2.59 billion for the quarter, or 58 cents per share (excluding special items), while analysts had predicted 56 cents per share. Much of the additional profit came from a 26 percent pop in oncology drug sales, which totaled $407 million for the quarter. However, global sales for the period fell 7 percent to $12.64, due to generic competition for Lipitor and other drugs. Wall Street had expected sales of $12.7 billion. Investors in Pfizer now have to ask themselves if they can see momentum continuing at that fervid pace for oncology drugs, and if that will be enough to overcome lagging global sales. If you come up with a good answer, please let us know by commenting below.