Pfizer shares climb on improved sales guidance
Pfizer Inc.'s PFE, -1.86% stock rose 3.4% before market open on Tuesday, lifted by the pharmaceutical giant's third-quarter earnings. The company earned $1.51 a share on net income of $8.608 billion, compared with earnings of $1.42 a share and net income of $8.146 billion in the same period last year. On an adjusted basis, Pfizer earned $1.78 a share, compared with $1.27 a share in the prior year's quarter. Analysts surveyed by FactSet were looking for earnings of $1.39 a share.
"Third-quarter results demonstrated commercial strength across many areas of our business, but was somewhat obscured by the incredibly strong performance in the prior year," said Pfizer CFO David Denton, in the earnings release. Pfizer raised the lower end of its full-year revenue guidance to $99.5 billion to $102 billion. Analysts surveyed by FactSet had forecast revenue of $99.7 billion. The company also raised and narrowed its full-year adjusted EPS guidance to $6.40 to $6.
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