2Q18 shows stronger trends; Ibrance light
Underlying growth for Innovative and Essential Health improved in 2Q18 vs 1Q18, but a small miss for Ibrance, due to slower US growth, is a slight wrinkle in the numbers. PFE revised down the midpoint of FY18 revenue guidance by <1% on FX, but revised the adj. EPS range up 1.7% on other income and lower tax. We expect the focus on the call to be on Oncology growth, remediation of Sterile Injectables and the outlook for the pipeline.Pfizer is a research-based biopharmaceutical company. The company is engaged in discovering, developing, manufacturing and distributing of healthcare products, including medicines and vaccines. The company manages its commercial operations through three businesses: Pfizer Biopharmaceuticals Group, which includes Oncology, Inflammation and Immunology, Rare Disease, Hospital, Vaccines and Internal Medicine business units, as well as a hospital business unit; Upjohn, which includes the company's solid oral dose brands such as Lyrica, Lipitor, Norvasc, Celebrex, Viagra, and certain generic medicines; and Consumer Healthcare, which is an over-the-counter medicines business.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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