Pfizer has raised its annual profit and revenue forecasts, driven by strong sales of its non-Covid medicines, including cancer treatments and a blockbuster blood thinner. The company now expects full-year sales between $62bn and $64bn, up from its previous guidance of $60.5bn to $62.5bn. It also upgraded its adjusted earnings per share outlook to $2.95 to $3.05. The revision follows a 7 per cent rise in non-Covid medicine sales, which helped offset a 29 per cent drop in revenue from its Comirnaty Covid vaccine and a 63 per cent fall in Paxlovid sales.
The upgrade makes Pfizer the latest pharmaceutical company to lift its outlook, following similar moves by BioNTech, Eli Lilly, Merck, and Bristol Myers Squibb. Under pressure to replace declining Covid revenues, Pfizer has pursued acquisitions in oncology and obesity, including the $43bn purchase of Seagen and the acquisition of weight-loss biotech start-up Metsera. In the third quarter, its oncology drugs generated $4.3bn, while the blood thinner Eliquis brought in $2.5bn. Chief executive Albert Bourla highlighted recent milestones in oncology, immunology, and vaccines. The company is also investing heavily in research and development to address upcoming patent expiries between 2026 and 2030.
Source: Financial Times Companies · Summarized by HeadlinesBriefing