Pfizer lifts profit forecast as results top expectations

File: Pfizer said it offered $48 per share in cash for Array, putting an $11.4-billion value on the company.

File: Pfizer has increased its predicted full year profit following growth in its biopharma business.

Don Emmert / AFP

NEW YORK - Pfizer lifted its full-year profit forecast Tuesday following a better-than-expected third quarter on growth in its biopharma business.

Net income jumped 87 percent to $7.7 billion (R112 billion), boosted by a one-time gain connected to a joint venture transaction with GlaxoSmithKline on consumer drugs.

Revenues dipped 4.6 percent to $12.7 billion.

Strong sellers for the big drug maker included Ibrance, which treats breast cancer, and Xeljanz, which is used to treat rheumatoid arthritis and ulcerative colitis.

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Higher sales for these drugs helped offset the hit from lost patents for Viagra and other medications.

Besides the transaction on consumer health, which closed on August 1, Pfizer has also announced that it will combine its off-patent Upjohn business with generics giant Mylan in a transaction expected to close next year.

"Following the expected close of the Upjohn-Mylan transaction next year, Pfizer RemainCo will be a smaller, science-based company with a singular focus on innovation,"  said Chief Executive Albert Bourla.

Pfizer lifted its full-year profit forecast and the midpoint of its 2019 revenue forecast.

Shares rose 3.0 percent to $38.39 (R561.70) in pre-market trading.

Source
AFP