Pfizer Inc. Earnings Cheat Sheet: Fourth Straight Quarter of Profit Growth

S&P 500 (NYSE:SPY) component Pfizer Inc. (NYSE:PFE) reported net income above Wall Street’s expectations for the third quarter. Pfizer is a global pharmaceutical company which develops and manufactures prescription medications for humans and animals.

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Pfizer Earnings Cheat Sheet for the Third Quarter

Results: Net income for Pfizer Inc. rose to $3.74 billion (48 cents per share) vs. $866 million (11 cents per share) in the same quarter a year earlier. This is a more than fourfold rise from the year earlier quarter.

Revenue: Rose 7% to $17.19 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: PFE reported adjusted net income of 62 cents per share. By that measure, the company beat the mean estimate of 56 cents per share. It beat the average revenue estimate of $16.42 billion.

Quoting Management: Ian Read, President and Chief Executive Officer, stated, “Overall, I am very pleased with our financial performance despite the impact of product losses of exclusivity totaling approximately $950 million this quarter and the challenges posed by current global market and economic conditions. Excluding the impact of product losses of exclusivity, all of our businesses generated revenue growth while effectively managing their cost structures. Notably, in our Emerging Markets business, I am pleased that both our innovative and established product portfolios continued to perform well, largely as a result of our targeted investments despite a volatile environment.”

Key Stats:

The company has now seen net income rise in four straight quarters. In the second quarter, net income rose 5.5% while the figure climbed 9.7% in the first quarter and more than threefold in the fourth quarter of the last fiscal year from the year earlier.

The company has now topped analyst estimates for the last four quarters. It beat the mark by one cent in the second quarter, by 2 cents in the first quarter, and by one cent in the fourth quarter of the last fiscal year.

A year-over-year revenue increase last quarter snaps a streak of two consecutive quarters of revenue declines. Revenue fell 2% in the second quarter and fell 1.5% in the first quarter.

Looking Forward: Expectations for the fourth quarter have not changed from 50 cents. At $2.25 per share, the average estimate for the fiscal year has risen from $2.24 sixty days ago.

Competitors to Watch: Johnson & Johnson (NYSE:JNJ), Merck & Co., Inc. (NYSE:MRK), GlaxoSmithKline plc (NYSE:GSK), Bristol Myers Squibb Co. (NYSE:BMY), Eli Lilly & Co. (NYSE:LLY), Abbott Laboratories (NYSE:ABT), Novartis AG (NYSE:NVS), Mylan Inc. (NASDAQ:MYL), Amgen, Inc. (NASDAQ:AMGN), and Sanofi-Aventis SA (NYSE:SNY).

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(Source: Xignite Financials)