Pfizer (NYSE: PFE) have seen their third quarter profits beat market expectations and exceed many analyst reports in an impressive trading update.
The Pharmaceutical titan showed higher sales of breast cancer drug Ibrance and subsequently raised its earning forecast for the financial year.
The new leadership of Albert Bourla as Chief Executive has led to more streamlined operations.
Dr. Albert Bourla, Pfizer’s Chief Executive Officer, stated, “We reported strong third-quarter 2019 financial results, driven by 9% volume-driven operational revenue growth in our Biopharma business, including growth from key brands such as Ibrance, Xeljanz, Eliquis, Vyndaqel and Inlyta as well as in emerging markets. Upjohn revenues were negatively impacted primarily by the July 2019 loss of exclusivity of Lyrica in the U.S., while Consumer Healthcare revenues declined as a result of the completion of the JV transaction with GSK(1) during the quarter.
Additionally an announcement in July said Pfizer would separate its off-patent branded drugs business and combine it with generic drugmaker Mylan NV (NASDAQ: MYL).
Ibrance sales rose 25% to $1.28 billion in the quarter, ahead of the average estimate of $1.21 billion, according to numbers compiled by brokerage UBS (SWX: UBSG)
The company said it expects to earn between $2.94 per share and $3.00 per share, up from a prior estimate of $2.76 to $2.86. Analysts on average were expecting $2.82 per share, according to Refinitiv IBES.
Net income accountable to Pfizer’s shareholders rose to $7.68 billion, or $1.36 per share, in the quarter, from $4.11 billion, or 69 cents per share, a year earlier.
Frank D’Amelio, Chief Financial Officer and Executive Vice President, Business Operations and Global Supply, stated, “I was pleased with our third-quarter 2019 financial results, which reflect strong momentum in our Biopharma business. We updated our 2019 financial guidance primarily to reflect our financial results through the first nine months of 2019 and our confidence in the business going forward. We raised the midpoint of our 2019 guidance range for revenues by $200 million to a range of $51.2 to $52.2 billion, composed of $400 million of operational revenue improvement, partially offset by a $200 million unfavorable impact from changes in FX rates since mid-July 2019.
The trading report updated by Pfizer shows strong momentum to grow and increase profits in the final quarter of 2019.
This should sustain shareholder’s interest as Pfizer look to increase profits and diversify operations.
Currently, shares of Pfizer are trading at $37.28 per share up 1.39% during Tuesday trading. 29/10/19 12:27BST.
In the pharmaceuticals industry there have been updates. Tissue Regenix (LON: TRX) shares have fallen after warnings of lower revenues, Yourgene Health Plc (LON:YGEN) have hit their ambitious growth target, and Salarius Ltd (NASDAQ: SLRX) have secured a new patent for Microsalt.
