Pfizer tops estimates, hikes low end of revenue guidance on strength of Eliquis, other drugs
📰 source: cnbc_topnews · 💼 business
pfizer beat wall street's second-quarter expectations tuesday and bumped up the low end of its full-year revenue forecast, thanks to strong sales from eliquis and other non-covid products.
adjusted eps came in at 77 cents versus 68 cents expected, and revenue hit $15.03 billion against $14.41 billion expected. eliquis alone brought in $2.43 billion, up 19% and well above the $2.08 billion analysts had predicted. the company now sees full-year revenue of $60.5 billion to $62.5 billion, up from a previous range of $59.5 billion to $62.5 billion. it also trimmed its covid product sales outlook to $4 billion from about $5 billion.
pfizer booked a net loss of $248 million for the quarter, down from net income of $2.91 billion a year earlier. it also announced the second phase of a cost-cutting plan targeting $1.5 billion in savings through 2029, plus an extra $1 billion from a separate program. the company is leaning on its $10 billion purchase of obesity biotech metsera to offset declining covid sales.
why it matters: pfizer's beat and guidance hike show eliquis and pipeline offsetting covid declines, reassuring investors about growth.
source: cnbc_topnews
sentiment: +0.60 · impact: 0.60