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Pfizer (PFE) Beats on Q2 Earnings and Revenues

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Pfizer Inc. (PFE - Free Report) is one of the most well-known names in the pharmaceutical sector not just for its medicines and vaccines but also for its consumer healthcare products. This New York-based company is well known for products like Prevnar, Lyrica, Lipitor and Celebrex among others.

However, like many of its peers, PFE is facing generic competition and pricing pressure for several products like Lipitor, Norvasc, Protonix, Camptosar, Celebrex and Zoloft. The influx of generic competition will not only put downward pressure on the company’s pricing, it will also result in gross margins contracting.

In this scenario, investor focus remains on late-stage pipeline candidates and their commercial potential and performance of new products apart from the usual top-and bottom-line numbers. Pfizer is also looking to strengthen its portfolio through the acquisition of Hospira.

PFE has a pretty good earnings track record with the company delivering positive earnings surprises in each of the last four quarters with an average surprise of 12.8%.

Currently, PFE has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings: PFE beat on second quarter earnings which came in at 64 cents while our consensus called for EPS of 62 cents.

Revenue: Revenues were also above expectations. Pfizer posted revenues of $13.1 billion, compared to our consensus estimate of $12.9 billion. Unfavorable currency movement cut Pfizer’s second quarter revenues by 3% ($302 million).

Maintains Guidance: Pfizer continues to expect earnings of $2.38 - $2.48 per share on revenues of $51 billion - $53 billion. The Zacks Consensus Estimate for earnings and revenues are currently $2.46 per share and $52.6 billion, respectively.

Check back later for our full write up on this PFE earnings report!

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