Pfizer posted good news Tuesday morning with its quarterly earnings report. The drug giant reported net income of $2.5 billion, or 31 cents a share, during the second quarter, representing an increase of nine percent compared with the same quarter last year.
Sales of blockbuster Lipitor, which faces looming generic competition, were still strong, but Pfizer got a big boost from its acquisition of Wyeth. Pfizer's revenue increased 58 percent to $17.3 billion. Revenues were favorably impacted by $5.4 billion, or 50 percent, due to the addition of the legacy Wyeth products, by $315 million, or three percent, due to legacy Pfizer products, and by $584 million, or five percent, due to foreign exchange, the company says in a statement.
And CEO Jeff Kindler (photo) emphasized that the company has much more in the pipeline this year. In a statement, Kindler says the company expects clinical data for tasocitinib in rheumatoid arthritis, Sutent in lung cancer, Prevnar 13 for the prevention of pneumococcal disease in adults, axitinib in renal cell carcinoma and bosutinib in chronic myelogenous leukemia by the end of the year.
He also pointed to the company's "more balanced global portfolio, which includes small molecules, biologics and vaccines as well as off-patent pharmaceuticals and diversified products generated strong performance in a period of notable worldwide economic uncertainty." The company also reaffirmed its 2010 financial guidance and 2012 financial targets.
Shares climbed 3 percent to $15.93 in premarket trading, the Wall Street Journal reports. As of Monday's close, the stock had fallen 15 percent so far this year.
Special Report: Big Pharma's Q2 2010 Earnings. Report