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Pfizer Strong Sales of Cancer Drug Ibrance In Q3 – Raises 2019 Forecast

By John F. Heerdink, Jr.

Pfizer (PFE)  is a leading global provider of anti-infective medicines, offering patients access to a diverse portfolio of more than 80 products. Recently, Pfizer announced the results of the interim analysis of the Phase 3 BEACON CRC trial with a combination of BRAFTOVI® (encorafenib), MEKTOVI® (binimetinib), and cetuximab (BRAFTOVI Triplet) with patients suffering from advanced BRAFV600E-mutant metastatic colorectal cancer.

Pfizer recently recorded increased profits for their Q3 prompting the New York-based drugmaker to raise its 2019 adjusted earnings forecast to $2.94 to $3.00 per share from its prior estimate of $2.76 to $2.86.

Strong sales of cancer drug Ibrance and successful launch of new heart medicine Vyndaqel lifted up the earnings. Sales of breast cancer drug Ibrance increased by 25% to $1.28 billion. Rheumatoid arthritis drug Xeljanz sales soared by 39% to $599 million. Vyndaqel, chemically known as tafamidis generated sales of $156 million, much ahead of the Wall Street estimates of $82 million.

Pfizer reported 75 cents earnings per share, beating analysts’ average estimate by 13 cents. Total revenue declined by 5% to $12.68 billion as sales of Lyrica decreased by $527 million, after facing generic competition in the United States.

To learn more about Pfizer (PFE) and to track its progress please visit the Vista Partners Pfizer Coverage Page.

Vista Partners LLC (”Vista”) is a California Registered Investment Advisor based in San Francisco. Vista delivers timely and relevant insights via the website: with daily stories, weekly market updates, monthly macroeconomic newsletters, podcasts, & Vista’s proprietary equity and market research to help you stay informed and stay competitive. Vista’s mission is to invest partner capital while arming investors with a comprehensive global financial perspective across all market sectors. Vista also seeks to provide select issuers with actionable advice regarding fundamental development, corporate governance, and capital market directives.

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(Read Original Story: Pfizer raises 2019 forecast as sales of cancer drug, heart medicine surge in Reuters)


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