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Pfizer Q2 Revenues Up 2% Operationally; Updates 2019 Guidance

Pfizer Inc. (PFE) said it reported solid second-quarter financial results, with total company revenues up 2% operationally. Performance was primarily driven by 6% volume-driven operational growth in the company's Biopharma business.

For the second-quarter, adjusted EPS was $0.80 compared to $0.77, a year ago. On average, ten analysts polled by Thomson Reuters expected the company to report profit per share of $0.75, for the quarter. Analysts' estimates typically exclude special items. Reported net income improved 30% year-on-year to $5.05 billion.

Second-quarter revenues totaled $13.26 billion, a decrease of 2%, compared to the prior-year quarter. Analysts expected revenue of $13.4 billion, for the quarter. Second-quarter Biopharma revenues totaled $9.6 billion, up 6% operationally. Upjohn revenues were $2.8 billion, down 7% operationally.

During the first six months of 2019, Pfizer returned $12.9 billion directly to shareholders, through a combination of: $4.0 billion of dividends; and $8.9 billion of share repurchases. As of July 30, 2019, Pfizer's remaining share repurchase authorization was $5.3 billion.

The company updated its 2019 financial guidance primarily to reflect the anticipated formation of the Consumer Healthcare Joint Venture with GlaxoSmithKline plc and the anticipated near-term completion of the Array BioPharma Inc. acquisition. Excluding the changes to guidance related to pending business development activities, the company's 2019 financial guidance is unchanged.

For 2019, Pfizer now projects adjusted EPS in a range of $2.76 to $2.86, updated from prior guidance range of $2.83 to $2.93. Revenues are anticipated to be in the range of
$50.5 billion to $52.5 billion, revised from previous guidance range of $52.0 billion to $54.0 billion. Analysts expect the company to report profit per share of $2.91 on revenue of $53.28 billion.

Separately, Pfizer and Mylan announced a definitive agreement to combine Upjohn and Mylan to create a new global pharmaceutical company. Pfizer shareholders would own 57% and Mylan shareholders would own 43% of the combined new company.

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