Drug maker Pfizer Inc. (PFE) on Tuesday posted better-than-expected second quarter earnings results, despite a continued slump in Lipitor cholesterol drug sales amid new generic competition.
The New York-based company reported second quarter net income of $3.25 billion, or 43 cents per share, compared with $2.61 billion, or 33 cents per share, in the year-ago period. Excluding special items, adjusted profit was 62 cents per share.
Revenue fell 8.7% from last year to $15.06 billion.
On average, Wall Street analysts expected a much smaller profit of 54 cents per share, on lower revenue of $14.87 billion.
Pfizer shares rose 27 cents, or +1.1%, in premarket trading Tuesday.
The Bottom Line
We have been recommending shares of Pfizer (PFE) since Mar.2, when the stock was trading at $21.49. The company has a 3.71% dividend yield, based on last night’s closing stock price of $23.71.
Pfizer Inc. (PFE) is a “Recommended” dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.
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