Pfizer sees double-digit growth in second quarter of 2016

Pfizer has announced its financial results for the second quarter of 2016, during which it achieved strong growth as a consequence of its recent takeover of Hospira.

The firm's second-quarter revenues came to $13.1 billion (9.86 billion pounds), reflecting operational growth of 13 percent year over year, thanks to the inclusion of legacy Hospira operations. Nine percent operational growth from the Pfizer innovative health business was also seen.

When excluding the impact of the Hospira takeover, operational growth was calculated at four percent, thanks to strong demand for recently-launched therapies and key in-line products.

The company also saw continued improvement in the revenue profile for its standalone essential health business, allowing the business to reaffirm its financial targets for the full year.

Ian Read, chairman and chief executive officer of Pfizer, 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."

This comes after the firm strengthened its position in the field of gene therapy with the acquisition of Bamboo Therapeutics earlier this week.