PFE Pfizer Inc

By Kimberly Chin 

Pfizer Inc. raised its full-year earnings projections as the company reported a better-than-expected first-quarter performance, primarily from sales in its biopharmaceutical business.

Pfizer raised its adjusted-earnings guidance by 1 cent to $2.83 to $2.93, reflecting operational improvements and better-than-expected earnings in the first quarter.

Pfizer reported quarterly earnings of $3.88 billion, or 68 cents a share, up from $3.56 billion, or 59 cents a share, a year earlier.

Excluding special one-time items, Pfizer made 85 cents a share. Analysts polled by Refinitiv expected adjusted earnings of 75 cents a share.

Sales in its biopharmaceutical segment rose by 7%, excluding the effects of foreign currency, led primarily by an increase in sales in its international markets, Pfizer said. However, it had lower revenues in its consumer-health unit, particularly from generic competition and the loss of exclusivity on some of its products, as well as lower demand for some of its rare-disease drugs.

Sales at Upjohn, which includes the cholesterol-controlling Lipitor pills and the pain drug Lyrica, rose modestly at 1%, excluding effects of foreign exchange, lifted primarily by growth in China, though lower-cost generic rivals were also eating into its market share and some of the patents on its blockbuster drugs expired.

Overall sales rose 2% to $13.12 billion from a year earlier, or 5% with foreign exchange effects excluded. Analysts expected revenue of $12.99 billion.

Shares of Pfizer rose 1.4% in premarket trading. Its stock has fallen 9.3% so far this year.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

April 30, 2019 08:04 ET (12:04 GMT)

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