Pfizer reported second-quarter earnings of 77 cents per share, surpassing analyst expectations of 68 cents, and revenue of $15.03 billion, which also exceeded the forecast of $14.41 billion. The company has adjusted its full-year revenue outlook to between $60.5 billion and $62.5 billion, up from a previous range of $59.5 billion to $62.5 billion.
However, it has lowered its expectations for Covid product sales, now anticipating $4 billion from its vaccine and Paxlovid, down from around $5 billion. Pfizer is focusing on long-term growth through investments in its pipeline, including a recent $10 billion acquisition of Metsera, a biotech firm specializing in obesity treatments.
Investors are particularly interested in upcoming data releases related to Pfizer's combination therapies, which may influence future performance