Pfizer’s quarterly profit beat market estimates, partly helped by higher-than-expected sales of its blockbuster pneumonia vaccine, Prevnar. The company also raised its full-year earnings forecast.

Pfizer has agreed to buy Anacor Pharmaceuticals for $5.2bn (€4.6bn), gaining control of an experimental treatment for eczema in its first deal since walking away from a $160bn takeover of botox maker Allergan.