Biopharmaceuticals power Pfizer in the first quarter
NEW YORK (AP) - Pfizer is reporting a 9% jump in first quarter profit on a strong showing from its biopharmaceutical group.
The New York drugmaker on Tuesday reported earnings of $3.88 billion, or 68 cents per share. Earnings, adjusted for non-recurring costs, were 85 cents per share, far exceeding projections of 77 cents from Wall Street analysts, according to a survey by Zacks Investment Research.
Revenue was $13.12 billion.
Pfizer Inc. expects full-year earnings in the range of $2.83 to $2.93 per share, with revenue in the range of $52 billion to $54 billion.
Pfizer shares are moving higher before the opening bell.
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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PFE at https://www.zacks.com/ap/PFE