Boston, MA 11/04/2013 (wallstreetpr) – The pharmaceutical giant Pfizer Inc. (NYSE:PFE) released its Q3 data last week, being among the last few in the industry to round off the health care stocks picture after other players having reported earlier. PFE Q3 results topped analysts’ estimates due to its intensive restructuring and cost reduction measures. The company reported $0.58 per share earning on $2.6 billion revenue. However, analysts at Zacks were looking for per share earning of $0.56.
Patent expiry has however bogged down the pharm giant with its former top-selling drug Lipitor having lost its patent in 2011. The company reported reduced sales by 29% from one year ago. However, it was able to come up in front of the $55 million sales estimate to register $533 million in the latest reported quarter. Viagra also closed the three months quarter ending September bruised to go down in sales by 11%. The same fate befell the company’s other generic series Effexor, Detro and Zoloft.
PFE drugs which still enjoy patent protection faired just well with Celebrex gaining 13 and Lyrica going up 11% to register $1.1 billion in sales. The company’s cancer drugs proved to be its strongest revenue earning for Q3, going up more than 24% to earn $407 million. Basically, it can be seen that PFE’s new cancer drugs are paying off well considering that its kidney cancer drug Inlyta gapped up 186% in revenue in the just reported and Xalkori, a new lung cancer drug grew 92% in revenue earning.
Even as PFE continues to swing on the positive end of things, its future is even well choreographed. The company has a quite impressive pipeline with several clinical results coming in the next few months. Among the up-and-coming drugs include ertugliflozin for diabetes, bococizumab for cholesterol, palbociclid for breast cancer and tanezumab for pain. If approved, this line of drugs will be a significant addition to its revenue in the coming quarters.