Pfizer Inc (NYSE:PFE, ETR:PFE) raised its full-year profit outlook on Tuesday after posting better-than-expected second-quarter earnings, driven by strong sales of key drugs including Comirnaty and Paxlovid.
The drugmaker reported adjusted earnings of $0.78 per share, beating analysts’ average estimate of $0.58, according to LSEG data.
Revenue rose 10% year-over-year to $14.65 billion, above the $13.5 billion Wall Street had anticipated.
Pfizer shares rose 4.8% in early trading.
The company attributed the performance to a sharp rebound in COVID-related products, with Comirnaty sales up 95% and Paxlovid up 71% on stronger US market share and pricing adjustments. Meanwhile, the Vyndaqel family rose 21%, driven by increased diagnosis rates, and Padcev jumped 38% on market share gains in metastatic urothelial cancer.
“We delivered a strong quarter of focused execution—driving R&D and commercial momentum,” CEO Albert Bourla said.
Pfizer now expects full-year adjusted earnings of $2.90 to $3.10 per share, up from its previous range of $2.80 to $3. The company reaffirmed its revenue forecast of $61 billion to $64 billion for 2025.
Second-quarter R&D spending fell 8% to $2.48 billion, while selling, informational and administrative expenses dropped by the same margin to $3.42 billion.
Segment revenue for Pfizer’s Biopharma unit rose 10% to $14.31 billion. Smaller business units also reported gains: Pfizer CentreOne climbed 18% to $328 million and Pfizer Ignite surged 38% to $20 million.
However, sales of breast cancer drug Ibrance fell 8% amid pressure from US drug pricing reforms and generic competition.
The firm also said it remains on track to achieve $7.2 billion in net cost savings by 2027, part of an ongoing efficiency initiative.