Pfizer lifts forecast despite hit from strong dollar

Pfizer reported a dip in second-quarter profits Tuesday, but boosted its forecast due in part to higher revenues from cancer drugs and global vaccines.

Earnings for the pharmaceutical giant for the quarter ending June 28 were $2.6 billion, down 9.8 percent from the year-ago period.

Revenues slid 7.2 percent to $11.85 billion.

Revenues in Pfizer's established products business fell sharply, due in part to the expiration of key patents. Sales of the anti-inflammatory medication Celebrex fell to $224 million from $762 million in the year-ago quarter.

Compounding that difficulty was the strong dollar, which dented revenues by $1 billion.

On the positive side, Pfizer's "innovative products" division notched higher sales, thanks to a 44 percent rise in global vaccines revenues and a 25 percent hike in global oncology sales.

Sales of the Prevnar 13 vaccine to prevent pneumococcal bacteria contributed $1.5 billion in revenues, up 37 percent from the year-ago period. Pneumococcal disease is an infection that can result in pneumonia.

"We were able to grow revenues by 1% excluding the impact of foreign exchange, marking the third consecutive quarter of operational revenue growth, despite the continued significant negative impact from product losses of exclusivity," said chief financial officer Frank D'Amelio.

The results translated into 56 cents per share, four cents above expectations.

Pfizer lifted its forecast for 2015 adjusted earnings to $2.01-$2.07 per share, up from $1.95-$2.05.

In pre-market trade, Pfizer was up 1.4 percent at $34.85.