New York - US pharmaceutical giant Pfizer Tuesday reported slightly higher quarterly earnings as stronger sales in vaccines and some other products offset the negative hit from patent expirations on other medications.
Earnings for the third quarter came in at $2.7 billion (R30 billion), up 2.9 percent from the year-ago period on slightly lower total sales.
Revenues in some segments fell due to generic competition for several leading drugs, including the sexual dysfunction medication Viagra and the incontinence drug Detrol.
But Pfizer notched a 19 percent rise in global vaccines revenues, thanks in part to the surge in use of Prevnar, whose uses include prevention of pneumonia in seniors.
Pfizer also cited sales of nerve pain drug Lyrica as a bright spot.
“Overall, I am pleased with our third-quarter 2014 financial results despite the continued negative impact from product losses of exclusivity and the termination of certain co-promotion collaborations,” said chief financial officer Frank D'Amelio.
Pfizer said it continued to expect $5 billion in share repurchases in 2014. Its news release did not mention its unsuccessful effort to acquire AstraZeneca after the British company refused to engage in talks.
Pfizer lowered its forecast for adjusted full-year sales from $48.7-$50.7 billion to $48.7-$49.7 billion.
Pfizer's third-quarter results translated into adjusted earnings of 57 cents per share, two cents above analyst estimates.
Revenues were down 2.2 percent to $12.36 billion, above the $12.22 billion analyst forecast.
Pfizer shares rose 1.7 percent to $29.60 in pre-market trade. - Sapa-AFP