Pfizer Inc (NYSE:PFE, ETR:PFE) has lifted full-year revenue guidance on the back of a rebound in demand for its Covid-19 products.
Revenue is expected to sit between $61 billion and $64 billion over the year, Pfizer said in third-quarter results on Tuesday, marking a $1.5 billion increase on previous expectations.
This reflected anticipated combined revenues of $10.5 billion from its Comirnaty and Paxlovid Covid-19 products after a recent wave of the virus globally has boosted demand.
Over the third quarter, revenue increased by 31% to $17.70 billion, beating estimates for $14.95 billion.
Adjusted per-share earnings of $1.06 also overshot anticipations for $0.62, with Pfizer lifting its forecast for the figure to sit between $2.75 and $2.95 for the year.
Revenue grew by 14% to $13.6 billion when excluding the contribution of Covid-19 products, Pfizer added.
“We are extremely pleased with the strong [...] revenue growth of Pfizer’s non-Covid products in the third quarter,” chief financial officer David Denton said.
“This follows our strong first-half performance, which demonstrates our continued focus on commercial execution and confidence in our ability to deliver on our financial guidance.”
Shares climbed by 1.2% in pre-market trading.