Pfizer raises 2025 profit forecast for second time in a row
Pfizer has today raised its full-year profit forecast for the second quarter in a row as robust demand for its blockbuster blood thinner helped it post third-quarter earnings above expectations.
The drugmaker, which stuck to its full-year revenue forecast for the year, has benefited from CEO Albert Bourla's cost-cutting initiatives, new product launches and stable demand for established drugs that have helped offset declining Covid-related sales.
Pfizer's blockbuster Covid products - the Comirnaty vaccine and Paxlovid antiviral - are now generating only a fraction of their pandemic-era sales. Demand has stabilised but remains weak as global vaccination and infection rates decline.
Paxlovid sales fell 55%, while those of Comirnaty were down 20% in the reported quarter.
The upbeat results and outlook come as Pfizer is engaged in a public legal fight with Novo Nordisk over obesity-drug developer Metsera.
Novo Nordisk recently launched an unsolicited, higher bid for Metsera, which had already agreed to an acquisition by Pfizer. Pfizer's September deal had valued Metsera at up to $7.3 billion.
Pfizer has filed two lawsuits against Metsera, its board, and Novo Nordisk, alleging breach of contract and antitrust violations. A hearing for one of the lawsuits is scheduled to take place later today.
Novo has rejected Pfizer's allegations and said it closely adhered to all of the restrictions under the Pfizer merger agreement.
In the reported quarter, Pfizer also became the first major pharmaceutical company to sign a deal with Trump administration to lower the price of its prescription drugs in the Medicaid program in exchange for three years of tariff relief.
Bourla said the deal will provide "greater clarity" to its business.
Sales of its blood thinner Eliquis rose 22% to $2.02 billion, revenue from its heart disease drug, sold under the brand names Vyndaqel and Vyndamax, rose 7% to $1.59 billion.
On an adjusted basis, Pfizer earned 87 cents per share in the reported quarter, compared with analysts' expectations of 63 cents per share, per data compiled by LSEG.
Total sales for the quarter came in $16.65 billion, compared with analysts' average expectation of $16.58 billion.
The company said it expects adjusted earnings of $3 mto $3.15 per share, up from its prior view of $2.90 to $3.10.
