US pharmaceutical giant Pfizer saw shares soar in pre-market trade this morning after a favourable earnings release.

Revenue for the quarter stood at $13.01 billion, well above last year’s figure of $10.86 billion. The company cited a sales boost of its new treatments for cancer and its Hospira acquisition as reasons for the increase.

Pfizer adjusted their 2016 revenue expectation upwards and is now set to be between $51 billion to $53 billion, up from $49 billion to $51 billion.

Shares of the company were up 3.2 percent at $33.86 in premarket trade.