Pfizer share price rises on third quarter earnings - but no hint of new AstraZeneca bid

 
Emma Haslett
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Pfizer's earnings fell to 57 cents a share, but beat expectations (Source: Getty)

Shares in pharmaceutical giant Pfizer rose 1.8 per cent in New York pre-market trading after it posted expectation-beating third-quarter results.

Although earnings for its third quarter fell to 57 cents a share, down from 58 cents a share a year earlier, the figure beat analyst expectations of 55 cents a share.

Revenues also fell, to $12.36bn (£7.67bn), down from $12.58bn a year ago.

The company made no reference to any plans for further acquisitions, after its advances on UK rival AstraZeneca were spurned in May. On Friday, Pfizer's board approved a fresh $11bn share buyback plan, suggesting it is unlikely to have another go at buying AstraZeneca when a ban on bidding for the company expires later this year.

Ian Read, the company's chairman and chief executive, said emerging markets had generated solid revenue growth. "[We] see these geographies are continuing to offer attractive growth opportunities for the company."

We remain strategically focused on driving increased innovation and enhancing our global competitive position both in terms of operational and financial efficiencies and remain opportunistic regarding business development that can enhance or accelerate our strategy. Given our continued strong financial position, I see Pfizer as well positioned to potentially allocate capital for the benefit of shareholders across multiple financial and strategic opportunities.

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