Pfizer beats sales and profit forecasts, mum on future deals
October 29, 2014 00:00:00
NEW YORK, Oct 28 (Reuters) : Pfizer Inc reported stronger-than-expected quarterly results, helped by growing sales of its cancer drugs and demand for its medicines in emerging markets, but did not signal any acquisition plans following its recent failed efforts to buy rival British drugmaker AstraZeneca Plc .
The largest US drugmaker on Tuesday said it had earned $2.67 billion, or 42 cents per share, in the third quarter. That compared with $2.59 billion, or 39 cents per share, a year earlier.
Excluding special items, Pfizer earned 57 cents per share. Analysts on average expected 55 cents, according to Thomson Reuters I/B/E/S.
Sales fell 2 per cent to $12.36 billion, hurt by generic competition and expiration of a longstanding deal with Amgen Inc to co-market its Enbrel arthritis drug. But they topped Wall Street expectations of $12.24 billion.
Pfizer tightened its full-year earnings forecast to between $2.23 and $2.27 per share from its prior outlook of $2.20 to $2.30.