NEW YORK: Pfizer reported a jump in third-quarter profits on Tuesday (Oct 30) due in part to lower tax payments but trimmed its sales forecast because of the strong US dollar.
The pharmaceutical giant reported net income of US$4.1 billion, up 44.8 per cent from the year-ago period, after paying US$661 million less in taxes following US tax cuts.
Revenues rose one percent to US$13.3 billion.
Pfizer pointed to big gains in sales of a handful of key brands, including the blood thinner Eliquis, the breast cancer drug Ibrance and the vaccine Prevnar.
These gains helped to offset the hit from patent expirations of sexual dysfunction drug Viagra and some other medications.
Pfizer confirmed several key financial projections but lowered the highpoint of its annual revenue range from US$53 to US$55 billion to US$53 to US$53.7 billion.
The company cited shortages in supply of Hospira injectables as well as strengthening of the dollar as the reason for the shift.
Pfizer announced earlier this month that Chief Executive Ian Read would step down at the end of the year and be replaced by Albert Bourla.
"We believe we are well positioned to develop and commercialize differentiated new medicines, creating sustainable value for shareholders and patients," said Read, who expressed confidence that Bourla will "maximize the company's growth opportunities."
Shares of Pfizer dipped one percent to US$42.80 in mid-morning trading.