Pfizer: raises 2020 guidance on strong biopharma sales

(CercleFinance.com) - Pfizer has raised its financial targets for the year as the US drugmaker reported better-than-expected quarterly results, boosted by higher sales at its biopharmaceutical business.


Pfizer's second-qurter sales fell 11% to 11.8 billion dollars as the healthcare giant reported a sharp drop in sales of its epilepsy drug Lyrica, which lost US exclusivity last year.

However, its biopharma unit reported quarterly sales of 9.8 billion dollars, up 4% year-on-year.

The drugmaker's performance was boosted by newer products, such as cardiomyopathy treatment Vyndaqel/Vyndamax, the heart drug Eliquis, and its cancer drugs Ibrance, Inlyta and Xtandi.

The New York-based drugmaker said EPS fell to 78 cents, down 2% from the same quarter last year, while analysts were expecting EPS of just 66 cents.

The company has edged up its guidance for 2020, now targeting full-year adjusted-earnings guidance of 2.85-2.95 dollars per share on sales of 48.6 to 50.6 billion dollars.

Its shares were up over 3% in pre-market trading following this report.

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