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Pfizer revised upwards its forecast for 2011 profits

The US medicine manufacturer Pfizer revised its forecast for profit this year upwards. The reason for the increase are better than expected earnings last quarter. According to data published today, the company now expects net earnings per share to be between 2.24 and 2.29 USD. However the Group confirms its objectives for 2012. During the quarter the company reported revenues of 17.2 billion USD, while the analysts had expected 16.42 billion USD. The reason is higher demand from rapidly growing emerging markets. While revenues in the U.S. fell, the manufacturer of a lot of pharmaceuticals reported double-digit growth in its international divisions.
Almost 1 billion USD contribution to revenues is positive currency effects. The net profit was 62 cents per share. The experts predicted profit is up 56 cents a share. The largest pharmaceutical concern in the world report billion in revenue primarily due to the sale of its subsidiary Capsugel. The profit amounted to 3.74 billion dollars (about 2.66 billion euros), while in the third quarter of last year it was 866 million dollars. The sale of Capsugel Pfizer has brought a net profit of 1.3 billion dollars.