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Revenue rises at Pfizer as Ibrance and Xeljanz beat sales expectations

Published on 02/08/16 at 02:54pm

Pfizer has published its Q2 results, which show revenues rising 11% with new drugs helping to drive the growth and offset falling sales for its blockbuster vaccine, Prevnar.

Revenues for the quarter were $13.14 billion compared to $11.85 billion the previous year, while net income took a 23% hit as it fell to $2 billion from $2.6 billion in 2015. Despite this fall in income, Pfizer has reaffirmed its financial guidance for the year, with revenues between $51 billion and $53 billion expected as well as adjusted diluted earnings per share of between $2.38 and $2.48.

The company received a sharp jolt from some of its newer drugs, as new breast cancer drug Ibrance tripled its sales to $524 million and rheumatoid arthritis drug Xeljanz generated sales of $217 million.

Frank D’Amelio, chief financial officer at Pfizer, says: “Overall, I am pleased with our second quarter 2016 financial results and our ability to continue delivering shareholder value through prudent capital allocation.”

There was other good news in Pfizer’s emerging pipeline, as ovarian cancer drug avelumab and cholesterol lowering bococizumab performed well in Phase III trials.

This was, of course, the quarter where Pfizer called off its proposed $160 billion merger with Allergan, but only one reference to it is included in their media release. According to Pfizer, $60 million was spent in the first six months of the year on transaction cost, such as banking, legal, accounting and other similar services, related to its Allergan deal, as well as its acquisition of Anacor Pharmaceuticals.

The company also just announced its acquisition of gene therapy biotech, Bamboo Therapeutics.

Sean Murray

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