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

By John Heerdink LinkedIn

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.

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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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