Pfizer Inc. raised the midpoint of its full-year earnings guidance after reporting $4.10 billion, or 67 cents per share, in second-quarter adjusted income.
The result — an increase from $3.93 billion, or 64 cents per share, in the second quarter of 2016 — compares to the S&P Capital IQ normalized EPS consensus estimate of 66 cents.
The pharma major will now target full-year adjusted EPS of $2.54 to $2.60 as opposed to $2.50 to $2.60 previously. Pfizer's revenue guidance remains at between $52 billion and $54 billion.
The S&P Capital IQ normalized EPS estimate consensus for the year is $2.55.
Pfizer generated $12.90 billion in second quarter sales, down 2% year-over-year given the divestiture of Hospira Infusion Systems.
On a GAAP basis, the company booked a second-quarter income of $3.10 billion, or 51 cents per share, up from $2.05 billion, or 33 cents per share, in the same quarter of 2016.