Pfizer Inc`s quarterly profit beat market estimates, partly helped by higher-than-expected sales of its blockbuster pneumonia vaccine Prevnar, and the company also raised its full-year earnings forecast.
Shares of the largest U.S. drugmaker were up marginally at $35.24 in premarket trading on Tuesday.
Pfizer sold $1.52 billion worth of Prevnar in the third quarter, down nearly 1 percent from a year earlier, but ahead of analysts` estimate of $1.46 billion, as compiled by Barclays.
The vaccine, which accounted for 11.5 percent of Pfizer`s total revenue, has fueled Pfizer`s growth until the last few quarter, when its sales has shrunk.
"Prevnar was a notable beat this quarter," Credit Suisse analyst Vamil Divan said in a client note.
"We view these results as refreshingly boring and, given how biopharma stocks have reacted this quarter to disappointing results or product announcements, we think boring is a good thing right now."
Pfizer has been under increasing pressure from investors and Wall Street to pull off a large deal to help reignite growth and the Street will look for commentary on acquisitions during the company`s conference call, analysts said.
Sales of Pfizer`s breast cancer treatment, Ibrance, surged nearly 60 percent to $878 million, but fell short of market estimates of $914 million. Ibrance faces competition from Novartis` recently approved drug Kisqali.
Pfizer`s total revenue rose 1 percent, increasing for the first time in four quarters, to $13.17 billion, in line with market estimates.
Net income more than doubled to $2.84 billion, or 47 cents per share. Excluding one-time items, Pfizer earned 67 cents per share, beating analysts average estimate of 64 cents per share, according to Thomson Reuters I/B/E/S.
The company raised the midpoint of its full-year adjusted earnings forecast by 3 cents to a range of $2.58 to $2.62 per share. It tightened its revenue forecast to $52.4 billion to $53.1 billion, from $52 billion to $54 billion.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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