American pharmaceutical company Pfizer profit's surged 87 percent in third quarter following completion of joint venture transaction with GlaxoSmithKline, while revenue fell less than estimated.
The results of the company recorded a profit of $7.68 billion in the period from July to September, compared to the level of $4.11 billion in the comparative period last year.
Pfizer's share of profit excluding non-recurring items stood at $0.75, against expectations of $0.62.
Analysts had expected Pfizer's revenue to reach $ 12.26 billion, however, it dropped 5% to report $ 12.68 billion in Q3 2019 from $ 13.29 billion in the same period last year.
Meantime, Pfizer's subsidiary Biopharma revenue rose by 9% to $ 10.10 billion.
"We reported strong third-quarter 2019 financial results, driven by 9% volume-driven operational revenue growth in our Biopharma business, including growth from key brands such as Ibrance, Xeljanz, Eliquis, Vyndaqel and Inlyta as well as in emerging markets," Pfizer's CEO Albert Bourla said.
It is noteworthy that the company raised its estimates for total revenues this year at a level between $51.2-52.2 billion, compared with previous estimates at $50.5-52.5 billion.
At the end of trading on Tuesday, Pfizer shares gained 2.84% to record $38.32 on the New York Stock Exchange (NYSE).
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