Pfizer raises its full-year revenue outlook to $60.5 billion-$62.5 billion following stronger-than-expected second-quarter earnings.
Pfizer adjusted its full-year revenue forecast to a range of $60.5 billion to $62.5 billion, up from the previous $59.5 billion to $62.5 billion. The revision follows a second-quarter profit of 77 cents per share, exceeding analysts’ estimates of 68 cents per share.
The company attributed the beat to robust demand for blood thinner Eliquis. Pfizer is relying on newer medicines to counter declining COVID-19 revenue and reduce dependence on older blockbuster drugs. Investors are watching the $10 billion acquisition of Metsera for potential growth in the obesity market.
Shares rose 1.8% to $25.5 in premarket trading, though they remain over 50% below their pandemic-era peak. Pfizer expects a return to stronger growth after 2028.