Pfizer Raised Guidance after Reporting Second Quarter Results

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Pfizer Inc. (NYSE: PFE) reported its financial results for the second quarter of fiscal 2018.

“We reported solid second-quarter 2018 financial results, with total company revenues up 2% operationally, driven by the continued growth of key brands such as Eliquis,

Ibrance and Xeljanz, as well as biosimilars and emerging markets,” Ian Read, the Chairman and Chief Executive Officer, said on Tuesday.

According to the company, revenue for the quarter increased from $12.896 billion to $13.466 billion, beating analysts’ estimates of $13.298 billion.

Net income for the second quarter increased from $3.073 billion, or 51 cents per share, for the same period last year, to $3.872 billion, or 65 cents per share. Adjusted earnings per share for the quarter was 81 cents per share, beating analysts’ estimates of 74 cents per share.

Based on the second-quarter results, the company expected its full-year earnings per share to be in the range of $2.95 to $3.00 per share. In addition, revenue was expected to be in the range of $53.0 to $55.0 billion, compared with the previous range of $53.5 billion to $55.5 billion.

“I am pleased with our results over the first-half of 2018, which keep us on track to deliver a solid financial performance this year,” Frank D’Amelio, the Executive Vice President, Business Operations and Chief Financial Officer of the company, said in the statement on Tuesday.

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