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Shares of the company were up 3.2 percent at $33.86 in premarket
trading on Tuesday.
Pfizer also raised its revenue and earnings forecast for the
year helped in part by a favorable impact of recent changes in
foreign exchange rates.
The company's revenue rose 19.7 percent to $13.01 billion, in
the first quarter, ahead of analysts' estimate of $12.02
billion, according to the Thomson Reuters I/B/E/S.
Net income rose to $3.02 billion, or 49 cents per share, from
$2.38 billion, or 38 cents per share, a year earlier.
Excluding items, the company earned 67 cents per share, above
the average analyst estimate of 55 cents per share.
Pfizer and Allergan Inc <AGN.N> walked away from their $160
billion merger in April, citing new U.S. Treasury rules aimed at
blocking the deal's tax benefits.
The company said it now expects 2016 revenue to be in the range
of $51 billion-$53 billion, up from $49 billion-$51 billion, and
adjusted earnings of $2.38-$2.48 per share, up from $2.20-$2.30
per share.
(Reporting by Ankur Banerjee in Bengaluru; Editing by Shounak
Dasgupta)
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