Pfizer lifts full-year earnings guidance

(Sharecast News) - Pharmaceutical firm Pfizer lifted its full-year profit guidance on Tuesday as it posted better-than-expected third-quarter earnings. The company upped its full-year adjusted diluted earnings per share guidance to between $3 and $3.15 from between $2.90 and $3.10 previously.

The new guidance takes into account a "solid" year-to-date performance, continued confidence in the business, progress with ongoing cost improvement initiatives, and improvement in its effective tax rate, Pfizer said.

The company reiterated its guidance for revenue of $61bn to $64bn.

For the third quarter, Pfizer reported adjusted diluted earnings per share of $0.87, down from $1.06 in the same quarter a year earlier, although this was above expectations for $0.63.

Revenue fell 7% to $16.7bn and net income declined 21% to $3.54bn.

Chairman and chief executive Albert Bourla said: "I am proud of Pfizer's leadership as the first in our industry to reach an agreement with the US Government, which we believe provides greater clarity for our business.

"Additionally, our recent strategic actions have strengthened opportunities to advance innovation that could address significant medical needs in high growth markets, helping us deliver value for patients and shareholders."

Pfizer is currently embroiled in a legal dispute with Denmark's Novo Nordisk.

In September, Pfizer agreed to buy obesity drug developer Metsera in a $7.3bn deal. However, Novo Nordisk subsequently launched an unsolicited, higher bid for Metsera.