Pfizer (PFE) raised its full-year guidance for adjusted earnings on Tuesday as it posted better-than-expected results for its fiscal first quarter, which were supported by growth in its biopharmaceutical business.
The New-York headquartered company reported revenue of $13.1 billion in the three months ended March 31, up 2% from the corresponding quarter of the prior year. This was ahead of the consensus estimate of analysts polled by Capital IQ for $13 billion. Adjusted earnings per share came in at $0.85, up from $0.75 a year earlier and ahead of the Street’s forecast for $0.75.
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The results were supported by a 3% increase in sales from biopharma to $9.19 billion, which offset a 1% decline in Upjohn’s revenue to $3.08 billion. Upjohn is Pfizer’s off-patented branded and generic established medicine business. Sales within the consumer healthcare segment fell by 5% to $858 million.