Pfizer revenues rise, though Essential division falls flaccid
Pfizer Inc.
$27.77
11:10 07/05/24
Pfizer reaffirmed all parts of its 2018 financial guidance as it reported on its first quarter on Tuesday, with revenues for the three months rising 1% to $12.91bn.
Dow Jones I.A.
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The US-based maker of Viagra erectile dysfunction pills said its reported net income was ahead 14% to $3.56bn, with reported diluted earnings per share ahead 15% at 59 US cents.
On an adjusted basis income was up 11% at $4.67bn, while diluted earnings per share were 12% higher at 77 cents.
Breaking the revenue results down into its two divisions, Pfizer said it rose a total of 6% for Innovative Health to $7.83bn, while it fell 5% in Essential Health to $5.08bn.
“Our first-quarter 2018 financial results were solid, driven by continued strength from our anchor brands, primarily Ibrance, Eliquis and Xeljanz,” said Pfizer chairman and chief executive Ian Read.
“The Essential Health business delivered strong growth in emerging markets and biosimilars but was negatively impacted by continued legacy Hospira product supply shortages in the US, as well as product losses of exclusivity.”
Read said the company remained focused on executing its commercial strategies, managing expenses, advancing its pipeline and prudently allocating its
capital to position Pfizer for “sustainable success”.
The company’s pipeline, with a range of targeted compounds, biologics and vaccines, was as “deep and focused” as it had
ever been, Read claimed.
“With several potential near-term opportunities in core therapeutic areas, I believe our pipeline presents an unprecedented opportunity to deliver a life-changing impact on a growing number of patients while creating enhanced value for all of our stakeholders.”
Frank D’Amelio, executive vice president of business operations and chief financial officer, added that first quarter 2018 results were in-line with the board’s expectations, and that the firm remained on track to deliver a “solid” financial
performance in 2018.
“We reaffirmed all components of our 2018 financial guidance, reflecting our performance to
date as well as our confidence in the business going forward.
“Additionally, in first-quarter 2018, we returned $8.1bn directly to shareholders through dividends and share repurchases, demonstrating our continued commitment to returning capital to our shareholders.”