Pfizer's 2nd-qrt 2010 beats forecasts, now benefitting from buy of Wyeth

Global drugs behemoth Pfizer pushed the large-cap stock market sector higher yesterday morning, with its shares rising 4%to $16.07 after posting second-quarter 2010 financials that pleased investors.  Earnings per share were $0.62 cents well above consensus estimates of $0.52, and 29.2% higher than the year-ago earnings of $0.48. Performance was boosted by the Wyeth acquisition, which was partially offset by increased expenses.

Revenues were up 58%, mainly due to the Wyeth acquisition, which added $5.4 billion or 50% to the total. While foreign exchange boosted revenues by $584 million, or 5%, legacy Pfizer products positively impacted revenues by $315 million or 3%. Second quarter revenues came in at $17.3 billion.

High-end of range guidance maintained