Pfizer Inc on Tuesday beat Wall Street estimates for quarterly profit and slight...
- Pfizer Inc on Tuesday beat Wall Street estimates for quarterly profit and slightly raised its earnings forecast for the year, as the largest U.S. drugmaker reined in costs and recorded higher sales of cancer drug Ibrance and pneumonia vaccine Prevnar.
Ibrance brought in sales of $1.13 billion during the quarter, up 21.4 percent from a year earlier, just ahead of analysts’ estimates of $1.12 billion. Prevnar raked in $1.49 billion, beating the average estimate of $1.39 billion. Pfizer is under pressure as one of its biggest drugs, Lyrica, faces generic competition. The company, therefore, has been investing in cancer treatments and gene therapies, and expects to gain approval for a new heart drug, touted as a potential blockbuster, later this year.
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