Pfizer earnings rise but says strong dollar will hit revenues
New York (AFP)
Pfizer reported higher second-quarter profits Tuesday on increased overall sales and lower US taxes, but trimmed its full-year revenue forecast because of the strong dollar.
The US pharmaceutical giant reported earnings of $3.9 billion, up 26 percent from the year-ago period.
The tax rate fell to 14.3 percent from 19.4 percent last year following US tax reform, boosting results.
Revenues climbed four percent to $13.5 billion.
Pfizer cited solid growth in a number of products, including blood thinner Eliquis, breast cancer medication Ibrance, and Xeljanz, which treats rheumatoid arthritis and some other ailments.
These gains helped offset lower sales in some drugs that have lost their patents, notably erectile dysfunction drug Viagra.
"We reported solid second-quarter 2018 financial results," said chief executive Ian Read.
"We continue to advance our pipeline, which we believe currently has the largest and most promising array of late-stage prospects it has had in decades."
Pfizer said it was lifting its budget for research and development for the second half of the year due to more spending on late-stage development.
The company also trimmed its 2018 revenue forecast range by $500 million to $53-$55 million due to the rising value of the dollar.
Shares slipped 0.1 percent to $38.57 in pre-market trading.
© 2018 AFP