Pfizer increases annual profit forecast amid solid demand for blood thinner drug

Pfizer has raised its full-year profit forecast, attributing the increase to strong demand for its blood thinner drug, Eliquis, according to the Reuters report. The pharmaceutical giant now anticipates adjusted earnings per share to be between $2.95 and $3.05, up from the previous range of $2.80 to $3.00. Wall Street had projected the outlook at $2.96, based on Bloomberg News data.

Pfizer also adjusted its annual revenue guidance, now projecting between $62 billion and $64 billion, compared to earlier estimates of $60.5 billion to $62.5 billion. The company's revised projections take into account its robust year-to-date performance, confidence in its business, and ongoing cost-saving initiatives, Pfizer stated. The company had previously announced plans to cut an additional $2.5 billion in expenses.

In the third quarter, Pfizer reported a per-share income of $0.87, surpassing forecasts of $0.73, while revenue for the period increased to $16.58 billion, higher than the estimated $15.87 billion. The sales of Eliquis surged by 25%, largely due to higher net pricing in the United States and increased global demand. However, this growth was partly counterbalanced by the entry of new generic options and price reductions in certain international markets.

Pfizer acknowledged that the rise in Eliquis sales was somewhat offset by increased competition from generic alternatives and price erosion in some overseas markets. The company also noted a 55% sales boost for Padcev, a targeted prescription medication used to treat advanced or metastatic bladder cancer. Pfizer has been relying on the success of newer medications to reduce its dependence on older blockbuster drugs, particularly COVID-related treatments that saw a revenue surge during the pandemic.

In terms of quarter-over-quarter growth, Pfizer's revenues grew by 7% operationally in the third quarter, excluding COVID-19 products like Comirnaty and Paxlovid. Following the earnings release, shares of Pfizer traded around a flatline in premarket U.S. trading on Tuesday.