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Pfizer raises 2019 forecast as sales of cancer drug, heart medicine surge

Excluding special items, Pfizer earned 75 cents per share, topping analysts' average estimate by 13 cents

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Pfizer Inc reported a higher-than-expected third-quarter profit on Tuesday on increased sales of cancer drug Ibrance and a strong launch of new heart medicine Vyndaqel, prompting the largest U.S. drugmaker to lift its earnings forecast for the year.

Pfizer raised its 2019 adjusted earnings forecast to $2.94 to $3.00 per share from its prior estimate of $2.76 to $2.86, and its shares rose 3.6%. Analysts on average were expecting $2.82, according to Refinitiv IBES.
 
Pfizer Chief Executive Albert Bourla, on a conference call, also raised the 2019 revenue growth forecast for the company's Upjohn unit in China to "mid-to-high single digits"

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First Published: Oct 30 2019 | 3:08 AM IST

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