Pfizer’s (NYSE: PFE) quarterly profit topped Wall Street forecasts, driven by stronger-than-expected sales of pneumonia vaccine Prevnar.
The largest U.S. drug maker said on Tuesday Prevnar recorded sales of $1.38 billion in the first quarter of 2018. Analysts on average had expected sales of $1.37 billion.
Pfizer's net profit rose to $3.56 billion or 59 cents per share, from $3.12 billion or 51 cents per share a year earlier.
Excluding one-time items, the company earned 77 cents per share, topping estimates of 74 cents.
Total revenue rose 1% to $12.91 billion. Analysts had expected $13.13 billion.
In February 2017, Pfizer completed the sale of its global infusion therapy net assets, Hospira Infusion Systems (HIS). Therefore, financial results for the first quarter of 2018 do not reflect any contribution from legacy HIS operations, while the first quarter of 2017 reflects approximately one month of legacy HIS domestic operations and approximately two months of legacy HIS international operations
Financial guidance for adjusted diluted EPS now anticipates share repurchases totaling approximately $6.1 billion in 2018, which includes shares repurchased during first-quarter 2018. Dilution related to share-based employee compensation programs is expected to offset by approximately half the reduction in shares associated with these share repurchases.
CEO Ian Read said, "We remain focused on executing our commercial strategies, managing expenses, advancing our pipeline and prudently allocating our capital to position Pfizer for sustainable success."
Pfizer stock retreated 73 cents, or 2%, to $35.87, within a 52-week trading range of $31.67 to $39.43.
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