Pfizer lifts 2024 outlook, citing progress in non-Covid business

Pfizer lifted its full-year profit forecast Tuesday following solid results that showed progress in pivoting its business amid the pronounced decline of COVID-19 vaccine sales.

The big pharma company — which had over the last year reported a string of weak earnings reports with the precipitous decline of COVID vaccines — pointed to the gains from its oncology-focused Seagen acquisition, as well as a number of other products with growing customer bases.

READ ALSO:Law firm urges CAS to restrict soldiers to barracks during protest

“This was Pfizer’s first quarter of topline revenue growth, on a year-over-year basis, since the fourth quarter of 2022, when our COVID revenues peaked,” said chief financial officer David Denton.

Profits in the second quarter were a scant $41 million, much below the year-ago level and reflecting a roughly $1.3 billion hit in one-time restructuring costs.

Revenues rose by two percent to $13.3 billion.

READ ALSO:NARD threatens fresh strike over prolonged captivity of colleague

Pfizer raised its full-year revenue outlook range by $1 billion, as well as the range of expected earnings per share.

Revenues from Pfizer’s Covid-19 vaccine tumbled 87 percent from the year-ago level, but revenues for Covid-19 therapeutic Paxlovid rose 79 percent to $251 million.

READ ALSO:NARD threatens fresh strike over prolonged captivity of colleague

Besides the Seagen assets, Pfizer cited as sources of revenue growth the heart disease drug Vyndaqel, blood clot medication Eliquis and the migraine pharmaceutical Vydura.

Shares of Pfizer rose 1.2 percent in pre-market trading.