Pfizer Inc. (NYSE: PFE) reported Tuesday that its second-quarter profit rose to $2.61 billion, or 33 cents a share, from $2.48 billion, or 31 cents a share, in the prior-year quarter. On an adjusted basis, the company earned 60 cents a share. Revenue slipped to $17 billion from $17.1 billion. Analysts, on average, expected the company to report earnings of 59 cents a share on revenue of $17 billion.
Ian Read, President and Chief Executive Officer, stated, "Our performance this quarter was in-line with our expectations. Although results were impacted by losses of exclusivity of several key products in certain geographies, most notably in our Established Products business, I am pleased that many of our core products, primarily Lyrica, Enbrel and the Prevnar/Prevenar franchise, continued to perform well overall and the fundamentals of our business remain strong. We will continue to invest in areas that will enhance our presence, expand the breadth of our portfolio and position our businesses to better capitalize on high-growth opportunities."
Pfizer also said that it continues to expected adjusted 2011 profit of $2.16 to $2.26 a share. Pfizer also reiterated plans to buy back between $5 billion and $7 billion of its common stock this year.
Full Disclosure: None.
Ian Read, President and Chief Executive Officer, stated, "Our performance this quarter was in-line with our expectations. Although results were impacted by losses of exclusivity of several key products in certain geographies, most notably in our Established Products business, I am pleased that many of our core products, primarily Lyrica, Enbrel and the Prevnar/Prevenar franchise, continued to perform well overall and the fundamentals of our business remain strong. We will continue to invest in areas that will enhance our presence, expand the breadth of our portfolio and position our businesses to better capitalize on high-growth opportunities."
Pfizer also said that it continues to expected adjusted 2011 profit of $2.16 to $2.26 a share. Pfizer also reiterated plans to buy back between $5 billion and $7 billion of its common stock this year.
Full Disclosure: None.
