Pfizer hikes revenue guidance to $60.5 billion to $62.5 billion
Pfizer reported second-quarter results that topped estimates, driven by the stronger-than-expected performance of non-Covid products.
The company now expects full-year revenue to total $60.5 billion to $62.5 billion, up from a previous outlook of $59.5 billion to $62.5 billion.
Pfizer cut its full-year revenue expectation for its Covid products to $4 billion, down from around $5 billion previously. The company reiterated its full-year adjusted profit outlook of between $2.80 and $3 per share.
The pharmaceutical giant is looking to longer-term investments in its pipeline to counter waning Covid product sales and declines from older drugs, including its recent $10 billion acquisition of Metsera.