Pfizer Q1 profit up 9 percent on higher drug sales, lower costs
Pfizer modestly lifted its full-year profit forecast. The company also bought back $8.9 billion worth of shares in the first quarter, a jump from the year-ago period.
New York: Pfizer reported higher first-quarter profits Tuesday, with stronger results in oncology and internal medicine offsetting a decline in sterile injectables.
Net profits were $3.9 billion, up 9.1 per cent from the year-ago period.
Revenues edged up 1.6 per cent to $13.1 billion.
Standout products included the blood thinner Eliquis and breast cancer drug Ibrance.
Chief Executive Albert Bourla touted regulatory approvals of new drugs, including cancer treatments, along with other medicines that could be evaluated by government health officials over the course of 2019.
"I believe our pipeline today represents an unprecedented opportunity to deliver a life-changing impact for millions of patients while enhancing value for all of our stakeholders," Bourla said.
Results were dented somewhat by a sales decline in Pfizer's "hospital" business in the United States, a newly-formed business unit that comprises sterile injectable and anti-infection medicines, some of which have seen sales erode due to competition from generics.
The performance also weakened in rare disease drugs.
The firm modestly lifted its full-year profit forecast. The company also bought back $8.9 billion worth of shares in the first quarter, a jump from the year-ago period.