Pfizer tops profit estimates, driven by Prevnar sales

(Reuters) - Pfizer Inc's quarterly profit topped Wall Street forecasts, driven by stronger-than-expected sales of pneumonia vaccine Prevnar.

The largest U.S. drugmaker said on Tuesday Prevnar recorded sales of $1.38 billion in the first quarter of 2018. Analysts on average had expected sales of $1.37 billion, according to Thomson Reuters I/B/E/S.

Pfizer's net profit rose to $3.56 billion or 59 cents per share, from $3.12 billion or 51 cents per share a year earlier.

Excluding one-time items, the company earned 77 cents per share, topping estimates of 74 cents, according to Thomson Reuters I/B/E/S.

Total revenue rose 1 percent to $12.91 billion. Analysts had expected $13.13 billion.

 

Pfizer shares fell 0.9 percent to $36.28 in premarket trading on Tuesday.

(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Sai Sachin Ravikumar)