Pfizer Inc. (NYSE: PFE) reposted first-quarter earnings that top analysts’ estimates as its Vaccine, Cancer drug help boost sales in its innovative drug division.
The pharmaceutical giant said that the first-quarter profit was $3.02 billion, or 49 cents a share, compared with $2.38 billion, or 38 cents a share a year earlier.
Excluding some items, profit was 67 cents a share, up from 51 cents a share in the same period a year ago. Revenue rose 20 percent to $13 billion from $10.86 billion a year ago.
Analysts surveyed by Thomson Reuters had projected adjusted earnings per share of 55 cents on $12.02 billion in revenue.
The company said both established products and innovative products help boost sales. Pfizer’s innovative products division sales rose 23 percent to $7.03 billion, while sales in the established products grew 17 percent to $5.97 billion.
The company also raised its guidance for the year thanks to strong performance so far this year and improving exchange rates. The company said it now expects 2016 sales to be in the range of $51 billion to $53 billion, up from a previous estimate of $49 billion to $51 billion. Analysts had projected revenue of $51.24 billion.
For profit, the company expected 2016 adjusted earnings per share will be $2.38 to $2.48, up 18 cents from the previous guidance.
Pfizer just terminate a $160 billion mega-merger with Allergan Plc in April, which it can take advantage of Ireland’s more favorable tax environment. Because the U.S Treasury announced new rules that reduce the tax benefits of the deal.
Pfizer shares rose 2.88 percent to $33.72 at 3:35 p.m. at New York.