Business

Biopharmaceuticals power Pfizer in the first quarter

Posted April 30, 2019 7:00 am

The Associated Press

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

In this Friday, April 26, 2019 photo, RELPAX migraine pills manufactured by Pfizer are arranged for a photo in Doral, Fla. Pfizer Inc. reports financial results Tuesday, April 30. (AP Photo/Wilfredo Lee) The Associated Press

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