Drugmaker Pfizer Inc. (
) on Tuesday said its second quarter profit jumped 9% from last
year, as sales skyrocketed due to its recent acquisition of rival
pharma giant Wyeth.
The New York-based company reported second quarter net income of
$2.48 billion, or 31 cents per share, compared with $2.26 billion,
or 34 cents per share, in the year-ago period. Excluding one-time
items, adjusted profit was 62 cents per share.
Revenue surged 58% from last year, to $17.33 billion.
On average, Wall Street analysts expected a smaller adjusted
profit of 52 cents per share, on lower revenue of $16.65
Looking ahead, the company reiterated its full-year earnings
forecast of $2.10 to $2.20 per share, excluding one-time items.
Analysts currently expect $2.16 per share for the year.
Pfizer shares rose 59 cents, or +3.8%, in premarket trading
The Bottom Line
Shares of PFE have a 4.65% dividend yield, based on last night's
closing stock price of $15.48. The stock has technical support in
the $13-$14 price area. If the shares can firm up, we see overhead
resistance around the $17 price level. We would remain on the
sidelines for now.
Pfizer Inc. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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