UPDATE 1-Pfizer's quarterly profit beats estimates

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Oct 31 (Reuters) - Pfizer Inc reported a bigger-than-expected quarterly profit, benefiting from strong demand for its newer drugs.

Shares of the largest U.S. drugmaker were up 1.7 percent in premarket trade on Tuesday.

Pfizer's net income rose to $2.84 billion, or 47 cents per share, in the third quarter, from $1.36 billion, or 22 cents per share, a year earlier.

Excluding one-time items, Pfizer earned 67 cents per share in the quarter, above the average analysts' estimate of 64 cents per share, according to Thomson Reuters I/B/E/S.

Revenue rose to $13.17 billion from $13.05 billion. Sales of Pfizer's breast cancer treatment, Ibrance, surged nearly 60 percent to $878 million. (Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Saumyadeb Chakrabarty and Savio D'Souza)