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Pfizer Earnings 2011: Drug Giant Beats Profit, Sales Forecasts

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PFIZER EARNINGS 2011
Pfizer beat forecasts for its sales and profits, according to the drug giant's latest earnings report. | Getty

Pfizer Inc reported better-than-expected quarterly results, helped by sales growth of its prescription drugs in emerging markets and its animal health, nutritionals and consumer healthcare products.

The world's biggest drugmaker said on Tuesday it earned $3.74 billion, or 48 cents per share in the third quarter, including a $1.3 billion after-tax gain on the recent sale of its Capsugel business.

That compared with a profit of $866 million, or 11 cents per share, in the year-earlier period, when the company took a big charge for asbestos litigation.

Excluding special items, Pfizer earned 62 cents per share. Analysts on average expected 56 cents per share, according to Thomson Reuters I/B/E/S.

Global revenue rose 7 percent to $17.19 billion, well above Wall Street expectations of $16.42 billion.

(Reporting by Ransdell Pierson; Editing by Derek Caney)

Copyright 2011 Thomson Reuters. Click for Restrictions.

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