Pfizer lifts profit forecast as results top expectations

Pfizer lifted its full-year profit forecast Tuesday following a better-than-expected third quarter on growth in its biopharma business. Net income jumped 87 percent to $7.7 billion, boosted by a one-time gain connected to a joint venture transaction with GlaxoSmithKline on consumer drugs. Revenues dipped 4.6 percent to $12.7 billion.

Strong sellers for the big drugmaker included Ibrance, which treats breast cancer, and Xeljanz, which is used to treat rheumatoid arthritis and ulcerative colitis. Besides the transaction on consumer health, which closed on August 1, Pfizer has also announced that it will combine its off-patent Upjohn business with generics giant Mylan in a transaction expected to close next year. Pfizer lifted its full-year profit forecast and the midpoint of its 2019 revenue forecast.