Pfizer Inc. on Tuesday raised its full-year profit outlook after strong results that showed it is pivoting its business amid a sharp decline in sales of its COVID-19 vaccine.
The pharmaceutical giant, which has issued a series of weak earnings reports over the past year due to sharp declines in COVID-19 vaccines, highlighted gains from its acquisition of oncology-focused Seegen as well as a number of other products with a growing customer base.
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Pfizer Inc. on Tuesday raised its full-year profit outlook after strong results that showed it is pivoting its business amid a sharp decline in sales of its COVID-19 vaccine.
The pharmaceutical giant, which has issued a series of weak earnings reports over the past year due to sharp declines in COVID-19 vaccines, highlighted gains from its acquisition of oncology-focused Seegen as well as a number of other products with a growing customer base.
“This was Pfizer’s first quarter of year-over-year sales growth since the fourth quarter of 2022, when our COVID-19 revenues peaked,” Chief Financial Officer David Denton said.
Second-quarter profit was just $41 million, down sharply from the same period a year earlier and reflecting a roughly $1.3 billion hit from one-time restructuring charges.
Revenue increased 2% to $13.3 billion.
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Pfizer raised its full-year revenue guidance range by $1 billion and also raised its earnings per share forecast range.
Pfizer’s revenue from its COVID-19 vaccine fell 87% year-over-year, but revenue from its COVID-19 treatment Paxlovid rose 79% to $251 million.
In addition to Siegen’s assets, Pfizer cited heart drug Vyndaqel, blood clot treatment Eliquis and migraine drug Bydura as sources of increased revenue.
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Pfizer shares rose 1.2% in premarket trading.
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