Pfizer beats estimates to reach $13bn in Q1 sales

Pfizer, which last month abandoned its $160 billion (€140bn) quest for Allergan — a deal which was controversially driven by a so-called tax inversion based on Ireland’s low tax regime — reported quarterly results that blew past analyst estimates.

Sales of its new cancer and arthritis treatments and the acquisition last year of hospital products company Hospira boosted the US pharmaceutical giant.

The largest US drugmaker, which employs 4,000 people in Cork and across other centres in Ireland, also raised its revenue and earnings forecast for the year.

It is the Republic’s tenth largest exporter, with €7bn in exports last year, according to the Irish Exporters Association and Investec Ireland.

Its shares rose as much as 2.4% yesterday, valuing the US giant at $202.8bn.

Global sales jumped 20% to $13bn in the first quarter, which was $1bn more than Wall Street had expected.

But the quarter included five more days of sales in the US than the year-ago quarter, adding revenue of $900 million in the most recent period.

Credit Suisse analyst Vamil Divan said the results were impressive, with most drug categories beating sales expectations.

But Mr Divan said investors are eager to hear how Pfizer’s strategy might change, given its dashed hopes for Allergan.

Pfizer walked away after the US Treasury issued rules curbing tax inversion deals.

Many analysts believe Pfizer needs to buy new medicines or biotech companies to ensure competitive earnings growth.

Sales of Pfizer’s generic medicines rose 17% in the quarter to $5.97bn, while sales of its array of patent-protected drugs jumped 23% to $7.03bn. Net income rose to $3.02 billion.