Pfizer forecasts revenues to be hit by strong dollar

US pharma giant Pfizer (NYSE: PFE) has lowered its estimate for total 2018 revenues in presenting its second quarter 2018 financial results.

Shares in the company rose 2% in the first 90 minutes of trading based on a mixed set of results, positive management comments on its pipeline and the updated guidance on revenues, which are now expected to be between $53 billion and $55 billion, the previous estimate having been between $53.5 billion and $55.5 billion. Pfizer blamed this change on the strength of the dollar and the comparative weakening of the euro, Chinese yuan and Japanese yen.

Second quarter revenues were $13.47 billion, a 4% rise on the same period of 2017 and above analyst forecasts of $13.3 billion. Adjusted earnings per share were $0.81, where analysts had expected $0.74.