UPDATE: Pfizer Posts Upbeat Q2 Results, Shares Gain

Pfizer PFE reported stronger-than-expected second-quarter results and cut its revenue forecast for the year. Pfizer now expects revenue of $48.7 billion to $50.7 billion, versus its earlier forecast of $49.2 billion to $51.2 billion. The New York-based company posted its quarterly earnings of $2.91 billion, or $0.45 per share, versus $14.1 billion, or $1.98 per share, in the year-ago quarter. Excluding special items, the company's earnings rose to $0.58 per share versus $0.56 per share. Its revenue slipped 1.5% to $12.77 billion. However, analysts were expecting earnings of $0.57 per share on revenue of $12.47 billion. Pfizer's research and development spending increased 13% to $1.71 billion. Pfizer's revenue in global innovative pharmaceutical fell around 5%, while revenue in global established pharmaceutical declined about 6%. Revenue in the global vaccines unit rose 13%, while revenue in consumer health care units surged 14%. Revenue in global oncology unit jumped 16%. Frank D'Amelio, Chief Financial Officer, said, “Overall, I am pleased with our second-quarter 2014 financial results despite the continued negative impact from product losses of exclusivity and the termination of certain co-promotion collaborations.” Pfizer shares gained 1.26% to $30.48 in pre-market trading.