NEW YORK (AP) — Pfizer Inc. on Tuesday reported third-quarter profit of $2.67 billion.
On a per-share basis, the New York-based company said it had profit of 42 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 57 cents per share.
The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 56 cents per share.
The drugmaker posted revenue of $12.36 billion in the period, which also beat Street forecasts. Analysts expected $12.16 billion, according to Zacks.
Pfizer expects full-year earnings in the range of $2.23 to $2.27 per share, with revenue in the range of $48.7 billion to $49.7 billion.
Pfizer shares have dropped 5 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 6 percent. The stock has declined 5 percent in the last 12 months.
