NEW YORK: Pfizer reported a jump in second-quarter profits Tuesday, pointing to growth in key oncology drugs and other medications, although revenues fell more than expected.
Net income in the quarter ending July 2 came in at $3.1 billion, up 50 percent from the year-ago period. A key factor in the increase was $816 million in asset impairment costs during the 2016 quarter.
Revenues dipped two percent to $12.9 billion, in part due to unfavorable foreign exchange rates.
Pfizer pointed to solid growth in such drugs as oncology medications Ibrance and Xtandi, anti-inflammatory drug Xeljanz and blood thinner Eliquis.
These medications have helped make up for smaller sales since drugs like sexual dysfunction drug Viagra lost their patent protection.
Chief executive Ian Read said the company's research programs have the potential for 25 to 30 drug approvals, including up to 15 potential "blockbuster" drugs.
"Our strategy remains focused on maximizing in-market opportunities while continuing to advance the pipeline and managing our cost structure to deliver attractive financial performance over time," Read said.
Pfizer lifted its 2017 adjusted earnings range to $2.54 to $2.60 per share compared with the earlier range of $2.50 to $2.60 per share.
Shares of Dow member Pfizer rose 0.7 percent to $33.39.
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