Economy Pfizer tops profit estimates, driven by Prevnar sales

Pfizer tops profit estimates, driven by Prevnar sales

Image result for Pfizer tops profit estimates, driven by Prevnar sales
The Pfizer logo is seen at their world headquarters in New York April 28, 2014.

Pfizer Inc’s (PFE.N) quarterly profit topped Wall Street forecasts, driven by stronger-than-expected sales of pneumonia vaccine Prevnar.The largest U.S. drugmaker said on Tuesday Prevnar recorded sales of $1.38 billion in the first quarter of 2018. Analysts on average had expected sales of $1.37 billion,

Pfizer’s net profit rose to $3.56 billion or 59 cents per share, from $3.12 billion or 51 cents per share a year earlier.

 Excluding one-time items, the company earned 77 cents per share, topping estimates of 74 cents, according to Thomson Reuters I/B/E/S.

Total revenue rose 1 percent to $12.91 billion. Analysts had expected $13.13 billion.

Pfizer shares fell 0.9 percent to $36.28 in premarket trading on Tuesday.

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