Pfizer 2Q profit surges, company sees drug rebates ending

By Associated Press

NEW YORK (AP) _ Pfizer Inc. (PFE) on Tuesday reported second-quarter earnings of $3.87 billion.

The New York-based company said it had profit of 65 cents per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were 81 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.

The drugmaker posted revenue of $13.47 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $13.26 billion.

Pfizer expects full-year earnings in the range of $2.95 to $3.05 per share, with revenue in the range of $53 billion to $55 billion.

Pfizer shares have climbed 6.5 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen almost 5 percent. The stock has risen 16 percent in the last 12 months.

This article provided by NewsEdge.