Pfizer 3rd-qtr 2011 beats expectations as profits triple boosted by Capsugel sale
Pfizer (NYSE: PFE), still the world’s largest drugmaker but facing a US sales slump for its leading drug due to generic competition this month, pleased markets when it announced that net income in the third quarter of 2011 had more than tripled to $3.74 billion, or $0.48 a share, compared with $866 million in the year earlier quarter which was impacted by litigation and acquisition charges, boosted by a $1.32 billion gain from the sale of its Capsugel capsule-making business to Kohlberg Kravis Roberts (The Pharma Letter July 28).
Profit excluding certain items was $0.62 a share, beating by $0.06 cents the average estimate of 18 analysts surveyed by Bloomberg. Revenue rose 7% to $17.2 billion, exceeding analysts’ consensus forecasts of $16.43. Pfizer’s shares closed up a modest 0.4% at $19.63, but this must be viewed against the 2.5% drop in the Dow Jones Industrial Average and 2.9% fall in the Nasdaq due to the ongoing eurozone crisis.
Raises 2011 forecasts confirms those for 2012
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
More Features in Pharmaceutical
| Headless Content Management with Blaze