Pfizer reported second-quarter results that exceeded estimates, according to company data. The pharmaceutical company's profit for the second quarter was 77 cents per share on an adjusted basis, surpassing the 68 cents per share analysts had estimated, according to data compiled by LSEG.
Driven by strong demand for the blood thinner Eliquis, Pfizer slightly raised the lower end of its full-year revenue forecast. The company now expects full-year revenue to total between $60.5 billion and $62.5 billion, up from its previous outlook of between $59.5 billion and $62.5 billion.
Pfizer's adjusted profit for the second quarter.
While non-Covid product performance led to the upward revision, Pfizer cut its full-year revenue expectation for Covid products, including the vaccine and antiviral pill Paxlovid, to $4 billion from a previous expectation of around $5 billion.
To counter waning Covid product sales and declines from older drugs, Pfizer is looking at longer-term investments in its pipeline. This includes the recent $10 billion acquisition of obesity biotech Metsera. The company expects to return to stronger growth after 2028.
Pfizer reiterated its full-year adjusted profit outlook of between $2.80 and $3 per share. Following the report, Pfizer shares rose 1.8% to $25.5 in premarket trading, although the shares have fallen more than 50% from their pandemic-era peak.
Investors are currently focused on data releases from Pfizer regarding a combination regimen that includes its GLP-1 injection and an amylin asset.
