Pfizer rises after earnings beat, boost to full-year profit outlook

Pfizer rose in premarket trading after it reported earnings results that beat Wall Street’s expectations and raised its full-year outlook.

The company reported adjusted earnings per share of $0.78, compared to the $0.58 analysts polled by FactSet were expecting. It also reported revenue of $14.7 billion, higher than the $13.4 billion the Street was penciling in.

Pfizer now expects full-year adjusted earnings per share to come in between $2.90 and $3.10, up from $2.80 to $3. The company held its annual revenue forecast of $61 billion to $64 billion.

Pfizer rose about 2% in premarket trading. The stock is down more than 10% this year as the patents on its more lucrative drugs are set to expire in the next couple years and its pipeline of new drugs has yet to excite investors.

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