Earnings

Pfizer (PFE) Q3 2019 earnings beat, raises 2019 forecast

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Pfizer posted third-quarter profit well above analysts’ estimates on higher sales of cancer drug Ibrance and new heart medicine Vyndaqel, encouraging the largest U.S. drugmaker to lift its earnings forecast for the year.

Shares of the company rose 3.4% on Tuesday as the results suggested that Chief Executive Officer Albert Bourla’s efforts to slim down the sprawling drugmaker were paying off.

Pfizer announced in July it would separate its off-patent branded drugs business and combine it with generic drugmaker Mylan NV, allowing it to focus on its more profitable drugs.

Bourla said on Tuesday Pfizer would become a “smaller, science-based company” following the Mylan deal, which is expected…



Source cnbc.com

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