Pfizer Inc. (NYSE: PFE) reported its first-quarter financial results before the markets opened on Tuesday. The company posted $0.69 in earnings per share (EPS) and $12.78 billion in revenue, compared with consensus estimates from Thomson Reuters that called for $0.67 in EPS and revenue of $13.09 billion. In the same period of last year, Pfizer posted EPS of $0.67 and $13.01 billion in revenue.
One key highlight in the quarter was a collaboration with Merck in which the companies announced that the FDA has accepted for review three New Drug Applications (NDAs) for medicines containing ertugliflozin, an investigational SGLT2 inhibitor in development to help improve glycemic control in adults with type 2 diabetes.
Back in February, Pfizer also reported that a Biologics License Application (BLA) for inotuzumab ozogamicin was accepted for filing and granted Priority Review by the FDA.
This past quarter takes into account multiple acquisitions that Pfizer has made over the past year, including Anacor Pharma in June 2016 and Medivation in September 2016. The company also sold its global infusion therapy net assets, Hospira Infusion Systems (HIS) in February 2017.
At the end of April, roughly $6.4 billion remained in Pfizer’s share repurchase authorization, after the company announced a $5.0 billion accelerated share repurchase agreement in February and a $1.9 billion dividend payment in the quarter.
Ian Read, board chair and chief executive, commented:
I was pleased with our first-quarter 2017 financial performance, which was in line with our expectations, and it reinforces our confidence in the business going forward. I believe each of our businesses is well positioned within their individual markets with strong portfolios, highly skilled and accomplished leadership and focused strategies. Innovative Health’s core franchises — Prevnar 13, Lyrica, Ibrance, Eliquis, Xeljanz and Xtandi — have strong leadership positions in their respective therapeutic categories and are complemented by new product launches, including Eucrisa and Bavencio, as well as meaningful pipeline progress. Essential Health’s growth opportunities — Sterile Injectables, Biosimilars and Emerging Markets — continue to perform in line with our expectations while we refine the business and position it for potential sustainable revenue growth.
Shares of Pfizer closed Monday at $33.75, with a consensus analyst price target of $37.80 and a 52-week trading range of $29.83 to $37.39. Following the release, the stock was initially down 0.4% at $33.64 in early trading indications Tuesday.