Pfizer’s Q2 Profit Easily Beats View; Forecast Reaffirmed (PFE)

By Dividend.com,  August 03, 2010, 08:45:56 AM EDT

Drugmaker Pfizer Inc. ( PFE ) 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 billion.

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 Tuesday.

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. ( PFE ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: PFE



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