New York, NY, United States (4E) – Pfizer Inc. reported profit in the third quarter surpassed analysts’ view primarily because of the company’s cost-cutting efforts and higher sales for its top-selling pain and vaccine drugs.
Profit was $2.59bn, or 39 cents per share, lower than last year’s $3.21bn, or 43 cents per share. Adjusted earnings from continuing operations rose 58 cents from 50 cents, when restructuring charges, acquisition-related impacts and other items are excluded.
The world’s biggest drugmaker cut its full-year earnings outlook to $2.15 to $2.20 per share, excluding certain items, from $2.10 to $2.20 per share. Sales in the company declined 2 percent to $12.6bn, compared with $13bn in the previous year, or $14bn including a now-divested animal health division, according to the New York-based Pfizer in a statement released Tuesday.
In the latest period, sales of the former top seller Lipitor shrank 29 percent to $533mn, while sales of its current blockbuster Lyrica increased 10 percent to $1.14bn.
Revenue in the specialty care segment fell 1.7 percent, while sales in the primary care unit dropped 10 percent and revenue in established products was down 3.7 percent. Emerging markets revenue climbed 1.8 percent.
In July, Pfizer reorganized its operations into a generic-drug and off-patent business, as well as two brand-name divisions. Each business will begin reporting separately its profits and losses in 2014.