Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
More tit-for-tat tariffs in the U.S.-China trade war could set the global economy up for a recession, according to Morgan Stanley.Marketsread more
A sell-off in chip stocks intensified following a report that chipmakers are cutting ties with Huawei after the Trump administration's ban.Marketsread more
A series of tweets Monday marked the latest chapter in Trump's decadeslong effort to refute published reports that his previous financial problems have rendered him an...Politicsread more
President Trump stands a chance of creating a new economic world order in his China trade fight, says the chief economic advisor of Allianz.Economyread more
Sens. Mitch McConnell and Tim Kaine plan to introduce a bill Monday that would raise the minimum age to buy tobacco to 21 in hopes of curbing what regulators are calling an...Health and Scienceread more
Ford Motor said Monday that it is laying off about 7,000 salaried workers, about 10% of that global workforce, as part of a restructuring plan designed to save the No. 2...Autosread more
Silicon Valley argues that the public market investors focus too much on near-term profits — but investors have embraced money-losing biotech IPOs.Marketsread more
Despite high criticism from fans, the final episode of "Game of Thrones" shattered single-night viewing records Sunday, with 19.3 million tuning in to watch the finale.Entertainmentread more
Restaurants are thinking outside the box to attract and retain talent. A report from TDn2K, a restaurant analytics firm, finds that employee vacancies are a major concern for...Restaurantsread more
Forty percent of customers will choose a center to shop at based solely on the food that's there, JLL found in a new study. And nearly 38% of people want healthy options when...Retailread more
(Adds background, comment from CEO and revenue forecast)
April 30 (Reuters) - Pfizer Inc on Tuesday beat Wall Street estimates for quarterly profit and slightly raised its earnings forecast for the year, as the largest U.S. drugmaker reined in costs and recorded higher sales of cancer drug Ibrance and pneumonia vaccine Prevnar.
Shares of the company rose 1 percent to $39.98 in trading before the bell.
To push growth and reduce bureaucracy, Chief Executive Officer Albert Bourla has ordered a reorganisation of Pfizer into three businesses since taking over in January. Analysts are impatiently awaiting the changes that will spur growth for the company in the next few years.
Pfizer expects mid-single-digit operational revenue growth from post-2020 through 2025, said Bourla.
Meanwhile, the company is relying on its growth drivers such as Ibrance and Prevnar.
Ibrance brought in sales of $1.13 billion during the quarter, up 21.4 percent from a year earlier, just ahead of analysts' estimates of $1.12 billion. Prevnar raked in $1.49 billion, beating the average estimate of $1.39 billion.
"Overall we think these results are good enough given the pressure the stock has felt in recent weeks, but probably do not do much to change the fundamental debates around the stock," Credit Suisse analyst Vamil Divan said.
Pfizer is under pressure as one of its biggest drugs, Lyrica, faces generic competition. The company, therefore, has been investing in cancer treatments and gene therapies, and expects to gain approval for a new heart drug, touted as a potential blockbuster, later this year.
It has also signed a joint venture agreement with Britain's GlaxoSmithKline Plc to form the world's biggest consumer health business, with brands such as Advil and Chapstick, by the second half of the year.
Pfizer pushed its 2019 adjusted earnings per share forecast marginally higher to between $2.83 and $2.93 , from a prior estimate of $2.82 to $2.92. It also reiterated its full-year revenue target of $52 billion to $54 billion.
Excluding special items, the company earned 85 cents per share, beating analysts' estimate of 75 cents.
Net income rose 9 percent to $3.88 billion, or 68 cents per share, in the first quarter.
Revenue rose 1.6 percent to $13.12 billion, ahead of estimates of $12.99 billion.
(Reporting by Tamara Mathias in Bengaluru Editing by Patrick Graham and Shinjini Ganguli)