Pfizer Inc. (NYSE: PFE) reported second quarter 2015 results before markets opened Tuesday morning. The company reported quarterly adjusted diluted earnings per share (EPS) of $0.56 and revenues of $11.9 billion. In the same period a year ago, Pfizer reported EPS of $0.58 on revenues of $12.7 billion. Second-quarter results compare to the Thomson Reuters consensus estimates for EPS of $0.52 and $11.42 billion in revenues.

Revenues were down 7% year-over-year primarily due to the unfavorable foreign exchange rate which lowered revenue by 8%. The company said that operational growth increased by 1%. Excluding the impact of the strong dollar, adjusted diluted EPS rose by approximately 6%.

Operational revenue growth was partially offset primarily by the loss of exclusivity and immediate multi-source generic competition for Celebrex and Zyvox in the U.S. and Lyrica in certain developed Europe markets.

Pfizer raised the midpoint of its full-year 2015 revenue guidance from a prior range of $44 to $46 billion to a new range of $45 to $46 billion. The guidance for adjusted diluted EPS was raised from a prior range of $1.95 to $2.05 to a new range of $2.01 to $2.07.

CEO Ian Read said:

Our second-quarter and year-to-date financial performance is the result of continued business momentum, driven by solid execution of recent product launches in our Innovative Products business … For the remainder of 2015, we look forward to completing the pending acquisition of Hospira, Inc. (Hospira), which we expect will meaningfully enhance our Established Products business …

Shares closed at $34.34 on Monday, up 0.2% in a 52-week range of $27.51 to $35.53. The stock is inactive Tuesday morning. The consensus price target for the shares is $38.00 according to Thomson/First Call.

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