Pfizer beats once again after strong sales of new products

Pfizer topped analyst estimates when it released its second quarter earnings on Tuesday on the back of strong performances from new drugs Ibrance and Xeljanz.

The positive results for the pharmaceutical company come despite its biggest product Prevnar disappointing in the quarter.

The shots sold $1.26bn, compared with estimates of $1.58bn, after sales in the US leveled-off following what Pfizer said was pent-up demand.

Profit came in at 64 cents a share, according to a statement from the New York-based drugmaker.

Analysts had predicted 62 cents on average. Revenue rose 11% to $13.15bn, the company said, beating projections for $13.01bn.

Ibrance, its new breast cancer treatment drug tripled from the year previous to $514m, and sales could reach $4.81bn by 2018, according to Bloomberg data.

Rheumatoid arthritis pill Xeljanz beat expectations of $199m to bring in $217 for Pfizer.

Unlike various other large drugmakers that painted a more prospective picture for the full-year alongside their second quarter results, Pfizer left its annual guidance unchanged.

Ian Read, chief executive, said: "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."

Despite the strong performance, shares were down by a little over 3% shortly after the open in New York. Pfizer shares have recovered much of their lost ground over the last six months and are trading at a similar level to 12 months ago.