Pfizer raised its annual sales forecast to $62 billion-$64 billion and adjusted earnings forecast to $2.95-$3.05 per share after third-quarter revenue of $16.58 billion and adjusted profit of 87 cents per share beat estimates.
Pfizer reported third-quarter revenue of $16.58 billion, above estimates of $15.87 billion, and adjusted profit of 87 cents per share, topping estimates of 73 cents. Strong demand for cancer drugs and Eliquis helped drive the results.
The company now expects annual sales of $62 billion to $64 billion, up from $60.5 billion to $62.5 billion, and adjusted earnings per share of $2.95 to $3.05, versus its prior range of $2.80 to $3.00. Pfizer said the profit forecast includes a $650 million charge related to its Innovent deal. CEO Albert Bourla said the outlook reflected quarterly performance and confidence in the company’s strategy, pipeline and long-term growth prospects.
Pfizer expects $9.7 billion in total net savings from cost reductions through 2029 as it seeks to offset declining COVID-related revenue. It has pursued licensing deals and acquisitions to replenish its pipeline and drive growth beyond 2028, as patent expirations threaten revenue from drugs including Eliquis and Ibrance.
