Business

Pfizer's profit soars in 3Q

Posted October 29, 2019 7:00 am

The Associated Press

NEW YORK (AP) - Pfizer is reporting a huge jump in third quarter profits and is raising its outlook for the year.

The drugmaker on Tuesday reported earnings of $7.68 billion, or $1.36 per share. Removing one-time charges, per-share earnings were 75 cents, or 12 cents better than Wall Street had been expecting, according to Zacks Investment Research.

Revenue reached $12.68 billion, a 5% decline from last year, but still better than expected.

Pfizer expects full-year earnings in the range of $2.94 to $3 per share, up from $2.76 to $2.86, and revenue between $51.2 billion and $52.2 billion.

Shares of Pfizer Inc. are up 3%.

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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

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