Pfizer reported third-quarter earnings that surpassed analyst expectations, with adjusted earnings per share of 87 cents compared to the anticipated 73 cents, and revenue of $16.58 billion exceeding the forecast of $15.87 billion.
The company has raised its full-year revenue outlook to between $62 billion and $64 billion, up from a previous estimate of $60.5 billion to $62.5 billion, and adjusted profit guidance increased to between $2.95 and $3.05 per share from $2.80 to $3.00.
Key products like Eliquis and Padcev performed well, with Eliquis generating $2.52 billion in sales, a 25% increase year-over-year, surpassing expectations of $2.40 billion. Despite a decline in Covid product sales, the Covid vaccine and antiviral pill, Paxlovid, also exceeded estimates, with sales of $808 million and $449 million, respectively.
The company is implementing a multi-year cost-cutting strategy aimed at achieving approximately $9.7 billion in net savings by 2029, which is crucial for offsetting the impact of declining Covid-related revenues. Additionally, Cecile Guegan has been appointed as the new CFO, succeeding Dave Denton, who left for Nike.
This leadership change and the positive earnings report may bolster investor confidence in Pfizer's strategic direction and financial health