Pfizer's Q2 earnings-per-share rise despite plummeting revenues
- For the second quarter, Pfizer’s gross revenues were $12.77 billion, a 2% quarter-to-quarter decrease.
- Net income was down almost 80% to $2.91 billion, but most of that was due to a surge in income last year due to a spin-off of the animal health business.
- Some brands saw significant growth, with Lyrica (pregabalin) leading the way. On the downside, revenues from Viagra (sildenafil) declined 12% due to generic competition.
At first blush, Pfizer’s second quarter numbers seem dismal. But even though the company's adjusted income was down 6% to $3.76 billion, earnings-per-share grew 4% to $0.58. Another positive aspect of the Q2 earnings report was that actual revenues beat analysts' forecasts -- $12.77 billion versus $12.46 billion.
Lyrica grossed $1.32 billion -- a 16% gain -- while Prevnar (pneumococcal conjugate vaccine) sales grew 13% to $969 million. Sales of Pfizer’s new cancer drugs Xalkori (critzotinib) and Inlyta (axitinib) grew 61% and 41%, respectively, with each drug grossing just over $100 million. At the end of the day on Tuesday, the stock was down a little over 1% to $29.73.
- Pharma Times BREAKING NEWS: Pfizer's sales, income drop for Q2