Pfizer (PFE) Reports Q2 Results – Posts 58% Revenue Increase
Pfizer Inc. (NYSE: PFE) today reported its second-quarter financial results, posting quarterly revenue of $17.3 billion, up 58% from the same period last year. Revenue for the second quarter of 2010 reflects a favorable impact of $5.4 billion from Wyeth products. Pfizer completed the acquisition of Wyeth on October 15, 2009.
Pfizer’s U.S. revenue, for the second quarter of 2010, stood at $7.4 billion, up 63% from the same period last year. The company’s International revenue, for the second quarter of 2010, stood at $9.9 billion, up 54% from the same period last year. For the first half of 2010, Pfizer’s revenue stands at $34.1 billion, up 56% from the same period last year.
Pfizer’s revenue from Biopharmaceutical, for the second-quarter of 2010, came in at $15 billion, representing a 49% increase from the same period last year.
Pfizer reported second-quarter net income of $2.5 billion, up 9% from the same period last year. The company’s diluted EPS, for the second quarter of 2010, came in at $0.31, down 9% from the same period last year. The company reported adjusted income, for the second quarter of 2010, of $5 billion, up 53% from the same period last year. The company’s second-quarter adjusted diluted EPS was $0.62, up 29% from the same period last year.
Commenting on the second-quarter financial results, Pfizer chairman and CEO Jeff Kindler,said that during the second quarter of 2010, the company’s more balanced global portfolio and diversified products generated strong performance in a period of a notable worldwide economy uncertainty. Kindler said that the company’s Emerging Markets unit continued to benefit from its on-going investment. He also said that the company continues to make solid progress on the Wyeth integration and remains focused on delivering strong business performance.
Shares of Pfizer surged 5.26% to $16.30 in today’s mid-day trading.
Pfizer stock has a 52-week range of $14-$20.36. It is currently trading above its 50-day and below its 200-day moving average. The stock has seen support at $14.97. It has broken through its resistance level of $15.61 in today’s trading.
Analysts, currently, have a consensus recommendation of Outperform on Pfizer. The stock has 10 Buy, 6 Outperform, 5 Hold and 1 Sell rating, at the moment.
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