Pfizer Inc. (PFE) reported second-quarter net income more than quadrupled, helped by the sale of its animal health business. Earnings beat Wall Street’s earnings expectations but revenue continued to decline as patents expire on drugs that had once been blockbusters for the company.
Pfizer, which makes Viagra, Lyrica and Celebrex, earned $14.1 billion, or $1.98 per share. That compares with $3.25 billion, or 43 cents per share, a year earlier. Excluding the one-time gain from the sale of its remaining 80 percent stake in Zoetis Inc. and a patent settlement, earnings were 56 cents per share, a penny better than Wall Street had expected.
Revenue fell 7 percent to $12.97 billion, which is just short of the $13.21 billion analysts had predicted.
The company maintained its full-year adjusted earnings outlook of $2.10 to $2.20 per share. Analysts forecast $2.16 per share.
Pfizer today also announced plans to repurchase $10 billion in company shares in addition to $3.1 billion in shares remaining under the company’s previous share repurchase program.
Pfizer Inc. (PFE) is up +19.46% year-to-date.