When Pfizer Inc. (NYSE: PFE) reported first-quarter 2016 results before markets opened Tuesday, it posted adjusted diluted earnings per share (EPS) of $0.67 and revenues of $13 billion. In the same period a year ago, Pfizer reported EPS of $0.51 on revenues of $10.86 billion. First-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $0.55 and $12.02 billion in revenues.

Excluding $1.2 billion of legacy revenue from Pfizer’s acquisition of Hospira, first-quarter revenues totaled $11.81 billion.

The drug maker raised full-year financial guidance based on an improved business outlook for the year (adding $0.12 per share) and an improvement of $0.06 per share related to a weaker dollar. Full-year revenue projections have increased from a prior range of $49 billion to $51 billion to a new range of $51 billion to $53 billion. The forecast for adjusted EPS has increased from a prior range of $2.20 to $2.30 to a new range of $2.38 to $2.48. The company also raised its estimate for adjusted cost of sales from 21% to 22% of reported revenues.

CEO Ian Read said:

We began the year with very strong operational performance across both our Innovative and Established businesses and this has served as a key driver of an increase in both our revenue and earnings per share guidance for the remainder of the year. I believe this performance results from our Company being well positioned in terms of product portfolio, organizational structure and leadership, as well as by our continued strong financial flexibility. In addition, our late stage product pipeline is increasingly ready to deliver our next set of prospective growth drivers with competitive positions in high-potential therapeutic areas where I believe Pfizer can be a leader.

CFO Frank D’Amelio added:

We grew revenues by 15% operationally, excluding the impact of foreign exchange and legacy Hospira operations. We also continued to deliver significant value directly to shareholders by paying $1.9 billion in first-quarter 2016 dividends and executing a $5 billion accelerated share repurchase agreement in March 2016.

Shares closed at $32.80 on Monday, up 0.3% in a 52-week range of $28.25 to $36.46. The stock traded up about 3% in Tuesday’s premarket session. The consensus price target for the shares is $37.79, according to Thomson/First Call.

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