Emerging markets and cancer drugs help Pfizer top forecasts
SALES in emerging markets and growing demand for its cancer drugs led US pharmaceutical titan Pfizer to report stronger-than-expected quarterly results yesterday.
Earnings for its third quarter rose to $2.67bn (£1.65bn), up from $2.59bn a year earlier. The figure beat analyst expectations, but left shares trading fairly flat yesterday. Revenue fell two per cent to $12.36bn. “Our key in-line products continued to perform well with our most recent product launches exhibiting further momentum during the quarter. We also generated solid revenue growth in emerging markets and see these geographies as continuing to offer attractive growth opportunities for the company,” said chair and chief executive Ian Read.
Pfizer made no reference to any plans for further acquisitions, after its final $118bn advance on UK rival AstraZeneca was spurned in May.
On Friday, Pfizer’s board approved a fresh $11bn share buyback plan, suggesting it was unlikely to have another go at buying AstraZeneca when a ban on bidding for the company expired later next month.
US drugmaker AbbVie two weeks ago gave up its $55bn quest to buy Shire because of new US tax rules that made the deal less attractive.