Pfizer Beats Estimates, Raises Revenue Guidance on Drug Sales
Pfizer topped Wall Street estimates and raised its low-end revenue guidance, driven by Eliquis and other core drugs, while cutting its Covid product outlook.
Pfizer reported stronger-than-expected quarterly results Tuesday, beating analyst estimates and lifting the lower bound of its full-year revenue guidance on the back of solid demand for Eliquis and other key medications in its portfolio.
The pharmaceutical giant's non-Covid drug lineup carried the performance, signaling that the company's push to diversify beyond pandemic-era products is gaining traction with investors and analysts who had been watching for signs of sustainable growth.
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However, Pfizer tempered enthusiasm around its pandemic-related business by slashing its full-year revenue forecast for Covid products to $4 billion, down from roughly $5 billion previously — a roughly 20% reduction that reflects continued softness in demand for Covid treatments and vaccines as the public health emergency recedes further into the background.
The raised guidance on the revenue floor suggests management has growing confidence that its broader drug portfolio can offset the ongoing Covid headwinds, a balancing act that has defined Pfizer's financial narrative for the past two years as it works to redeploy capital from its pandemic windfall into new therapeutic areas and acquisitions.
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