Pfizer Inc. (NYSE: PFE) on Tuesday posted quarterly revenue that topped analysts’ estimates, driven by strong sales of its two new products.
The largest U.S. drugmaker said that revenue rose 11 percent to $13.15 billion in the second quarter, beating the average analyst estimate of $13.01 billion.
Higher sales of new drugs helped offset the disappointing sales of its biggest product, the vaccine Prevnar. In the second quarter, the company only sold $1.26 billion of Prevnar, much lower than analysts’ estimates of $1.58 billion.
New products showed strong momentum.Sales of Ibrance, Pfizer’s new breast cancer treatment, were $514 million, up from $140 million a year earlier. The figure exceed analysts’ projection of $498 million. Sales may reach $4.81 billion by 2018, according to estimates compiled by Bloomberg. Another new drug, the rheumatoid arthritis pill Xeljanz, generated sales of $217 million, topping analysts’ estimates of $199 million.
Pfizer shares fell as much as 2.45 percent to $36.40 in the early trading in New York.
Investors have also been closely watching whether Pfizer will break up to creating two separated companies, one specializing in research-driven treatments and the other focusing on older medicines that have lost patent protection or are close to doing so.
Net income was $2,02 billion, or 33 cents a share in the quarter, compared with $2.63 billion, or 42 cents a share a year earlier. Excluding certain items, the company earned 64 cents a share, beating the average analyst estimate of 62 cents.