Pfizer Inc (NYSE:PFE, ETR:PFE) shares ticked up on Tuesday after the pharmaceutical giant appeared to offer relief for investors with guidance for the coming year.
Revenue should grow by up to 5% next year to between $61 billion and $64 million, Pfizer signalled in a statement on Tuesday.
Per share earnings were guided to increase by as much as 18% to between $2.80 and $3 in the meantime.
Both were in line with market expectations, offering some relief after Pfizer has come under fire recently from investors over muted growth since the pandemic.
Hedge fund Starboard in October had criticised Pfizer over large-scale acquisitions but a lack of profitable new drugs in the wake of success around its Covid-19 treatments.
Pfizer noted in Tuesday’s update that Covid-19 product revenue would likely be consistent with 2024 over the coming year.
“As we look forward, we are confident in our future,” chief executive Albert Bourla commented.
“With our clear strategic roadmap, a robust pipeline of potential innovative medicines and vaccines and a talented team laser-focused on execution, we believe we are on course to deliver significant shareholder value.”
Shares climbed 2.6% to $25.92 on Tuesday.