Pfizer Inc. (NYSE:PFE) reported financial results for third-quarter 2019.
The New York-based pharmaceutical giant said Tuesday Q3 revenues were $12.7 Billion, reflecting a 3% operational decline.
This includes 9% operational growth from Biopharma (Pfizer RemainCo), Primarily driven by Ibrance, Xeljanz, Eliquis, Vyndaqel and Inlyta as well as 15% operational growth in Emerging Markets
The company experienced a 26% operational decline, however, from Upjohn, Primarily Due to U.S. loss of exclusivity of Lyrica in July 2019.
Reported net income was $7.68 million, an 87% improvement over the $4.1 million in the prior-year quarter.
The Q3 diluted Earnings per Share( of $1.36 was primarily driven by a gain associated with the completion of the consumer health-care JV Transaction with Glaxo Smith Kline.
Financial guidance for Adjusted diluted EPS reflects share repurchases totaling $8.9 billion already completed in 2019. Dilution related to share-based employee compensation programs is currently expected to offset the reduction in shares associated with these share repurchases by approximately half.
During the first nine months of 2019, Pfizer returned $14.9 billion directly to shareholders, through a combination of $6.1 billion of dividends, composed of dividends of $0.36 per share of common stock in each of the first, second and third quarters of 2019, and $8.9 billion of share repurchases, composed of $2.1 billion of open-market share repurchases in first-quarter 2019 and a $6.8 billion accelerated share repurchase agreement executed in February 2019 and completed in August 2019.
PFE shares opened Tuesday up $1.12, or 3%, to $38.40
