Pfizer reported better-than-expected second-quarter results, as rising sales of drugs for cancer and heart disease helped offset steep declines for Covid-19 products.
The New York company also slightly raised the bottom end of its forecast range for full-year 2026 revenue
Most Read from The Wall Street Journal Pfizer shares were largely unchanged in premarket trading. Pfizer is trying to recover from a postpandemic hangover in which demand for its Covid-19 vaccine and treatment have plummeted. It is bracing for patent expirations on leading drugs that will pressure its revenue growth in coming years, and the company said Tuesday it is expanding ongoing cost-cutting programs.
The company is developing new medicines and has made acquisitions—including a big bet on weight-loss drugs—aimed at returning to solid growth, but it could take some time to see if those pay off. As part of its strategy to beef up its pipeline, Pfizer agreed to acquire weight-loss drug startup Metsera last year in a deal that could be valued at more than $10 billion. Pfizer said Tuesday it recorded a second-quarter loss of $248 million, or 4 cents a share, compared with a profit of $2.91 billion, or 51 cents a share, a year earlier.