Falling revenue did not prevent S&P 500 (NYSE:SPY) component Pfizer Inc. (NYSE:PFE) from reporting a profit boost in the second quarter. Pfizer Inc. is a global pharmaceutical company which develops and manufactures prescription medications for humans and animals.
Pfizer Earnings Cheat Sheet for the Second Quarter
Results: Net income for Pfizer Inc. rose to $2.61 billion (33 cents per share) vs. $2.48 billion (31 cents per share) in the same quarter a year earlier. This marks a rise of 5.5% from the year earlier quarter.
Revenue: Fell 2% to $16.98 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: PFE reported adjusted net income of 60 cents per share. By that measure, the company beat the mean estimate of 59 cents per share. Analysts were expecting revenue of $16.98 billion.
Quoting Management: Ian Read, President and Chief Executive Officer, stated, “Our performance this quarter was in-line with our expectations. Although results were impacted by losses of exclusivity of several key products in certain geographies, most notably in our Established Products business, I am pleased that many of our core products, primarily Lyrica, Enbrel and the Prevnar/Prevenar franchise, continued to perform well overall and the fundamentals of our business remain strong. We will continue to invest in areas that will enhance our presence, expand the breadth of our portfolio and position our businesses to better capitalize on high-growth opportunities.”
The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 9.7% and in the fourth quarter of the last fiscal year, the figure rose more than threefold.
The company has now topped analyst estimates for the last four quarters. It beat the mark by 2 cents in the first quarter, by one cent in the fourth quarter of the last fiscal year, and by 3 cents in the third quarter of the last fiscal year.
Revenue has fallen in the past two quarters. In the first quarter, revenue declined 1.5% to $16.5 billion from the year earlier quarter.
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).
(Source: Xignite Financials)