Pfizer earnings top estimates on higher sales

Pfizer reported better-than-expected second-quarter earnings Tuesday due to solid sales of several pharma products that offset the hit from the strong dollar.

Net income fell 23.1 percent from the year-ago period to $2.0 billion.

Sales rose 10.9 percent to $13.1 billion. However, costs in several categories rose.

Leading drugs that helped boost performance included the breast cancer drug Ibrance, the blood clot drug Eliquis and Lyrica, which treats pain.

Results were also boosted by assets acquired from the acquisition of Hospira, a provider of injectable drugs and infusion technologies.

However, Pfizer reported sales of $1.3 billion from the vaccine Prevnar, a 16.3 percent drop from the year-ago period and below the level expected by analysts.

"Our continued sharp focus on executing against the distinct strategies for both our Innovative Health and Essential Health businesses has delivered a strong financial performance during the second quarter as well as for the first half of 2016," said Pfizer chief executive Ian Read.

Earnings translated into 64 cents per share, two cents above analyst expectations.

Pfizer shares fell 1.5 percent to $36.75 in pre-market trade.