Strong sales of Prevnar helped the drug maker more than double its quarterly profit. As Fred Katayama reports, one analyst called the results ''refreshingly boring.''
Strong sales of its pneumonia vaccine, Prevnar, helped Pfizer more than double its quarterly profit and beat analysts' expectations. That blockbuster drug makes up more than a tenth of the company's revenue. Sales of its breast cancer drug, Ibrance, surged nearly 60 percent but disappointed analysts. Overall revenue inched higher, rising for the first time in four quarters. Credit Suisse senior analyst Vamil Divan said, "We view these results as refreshingly boring, and, given how pharmaceutical stocks have reacted this quarter to disappointing results or product announcements, we think boring is a good thing right now." The drug maker's shares, which are underperforming the broader market this year, dipped at the market open Tuesday. But Pfizer was upbeat, raising its full-year earnings forecast. The company told investors to look forward to a wave of new product launches in the next few years. Pfizer has been under pressure from Wall Street to do a large deal to fuel growth.