Pfizer Inc. (NYSE: PFE) reported upbeat earnings for its third quarter.
Tuesday morning, the New York-based company reported third-quarter revenues of $13.2 billion, reflecting 1% operational growth. Third-quarter Diluted Earnings per Share were $0.47, with adjusted diluted EPS of $0.67
CEO Ian Read commented, “We reported solid third-quarter 2017 financial results and raised the midpoint of the range for our 2017 Adjusted diluted EPS guidance. Innovative Health revenues grew 11% operationally, primarily driven by the performance of our key growth drivers, notably Ibrance, Eliquis, Xtandi and Xeljanz, all of which are products that are early in their patent-protected lifecycle in attractive therapeutic areas.
"While Essential Health revenues remained challenged primarily due to continued headwinds from products that recently lost marketing exclusivity and product supply, we had solid operational growth in emerging markets and in biosimilars.”
Third-quarter 2017 operational growth was negatively impacted by lower revenues for Enbrel in most developed Europe markets due to continued biosimilar competition, and for Viagra in the U.S. primarily due to wholesaler de-stocking in advance of anticipated generic competition beginning in December.
This month, Pfizer announced that it is reviewing strategic alternatives for its Consumer Healthcare business. A range of options will be considered, including a full or partial separation of the Consumer Healthcare business from Pfizer through a spinoff, sale or other transaction, and Pfizer may ultimately determine to retain the business. This review is part of Pfizer’s continuing efforts to allocate resources and capital to best serve patients and maximize value for its shareholders.
Pfizer shares wilted 26 cents to $34.89.
