Pfizer Inc. (NYSE:PFE) revealed on Wednesday that Prevenar 13 has already been approved in China.

Accordingly, the China Food and Drug Administration (CFDA) has approved Prevenar 13 with an indication for infants aged six weeks old to 15 months old.

Prevenar 13 Approval in China

The recent approval signifies an important milestone for the drugmaker since its vaccine business has been shut down in China last year.

China is one of the most important markets of the entire pharmaceutical industry, being next to the US. Pfizer is among the very few companies able to penetrate Asia’s largest economy once again.

Prevenar 13, one of the top-selling products of the company, is a vaccine administered among infants for the prevention of pneumococcal diseases that can lead to meningitis, pneumonia, sepsis, among others.

“We applaud the efforts of CFDA and other relevant Chinese government agencies to bring new medicines and vaccines to the Chinese healthcare system,” said Wu Xiaobin, Pfizer China President.

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Pfizer aims to make Prevenar 13 available in the country as soon as possible. However, the company has not yet set an exact date of availability.

Q3 Financial Results

On Tuesday, Pfizer has issued its latest earnings report.

For the third quarter, the company had a revenue of $13.05 billion, up by 8% year-over-year from $12.09 billion. The Innovative Health (IH) segment has contributed $7.33 billion while the Essential Health segment has contributed $5.71 billion.

Net income has declined 38% year-over-year to $1.32 billion from $2.13 billion. This is equivalent to a diluted earnings per share (EPS) of $0.21. Meanwhile, adjusted net income has come in at $3.73 billion, remaining flat year-over-year. This is equivalent to an adjusted diluted EPS of $0.61.

Year-to-Date (YTD) Financial Results

For the first nine months of the fiscal year (FY), Pfizer’s revenue has jumped 13% year-over-year to $39.20 billion from $34.80 billion.

On the other hand, net income has declined 11% year-over-year to $6.36 billion from $7.13 billion. Meanwhile, adjusted net income has surged 13% year-over-year to $11.78 billion from 10.45 billion.

Pfizer has closed Tuesday’s session ay $31.07.