Pfizer Inc's (NYSE:PFE, ETR:PFE) stock is up ahead of the bell after the company raised its annual profit forecast following stronger-than-expected sales of its Covid vaccine and antiviral treatment.
The drugmaker now anticipates an annual profit of $2.45 to $2.65 per share, up from its previous forecast of $2.15 to $2.35 per share.
Despite the declining severity of the pandemic, which has reduced the market for Covid treatments, Pfizer expects full-year revenue of $8.5 billion from its Comirnaty and Paxlovid jabs, an increase from the earlier estimate of $8 billion.
Second-quarter revenues of $13.3 billion were up 3% year-on-year, and adjusted EPS were 60 cents, well ahead of Street's expectation of 45 cents.
The drug giant said it was on track to deliver at least $4 billion of net cost savings by the end of the year.
In pre-market trading, the stock was up 18 cents at $30.90.