Aug 4 (Reuters) – Pfizer on Tuesday slightly raised the lower end of its full-year revenue forecast after beating Wall Street estimates for second-quarter profit, driven by strong demand for blood thinner Eliquis.
Shares rose 1.8% to $25.5 in premarket trading.
Pfizer is banking on newer medicines to offset fading COVID revenue and reduce reliance on aging blockbuster drugs, while investors look for signs that its $10 billion purchase of Metsera can help establish a meaningful presence in the fast-growing obesity market.
The drugmaker, whose shares have fallen more than 50% from their pandemic-era peak, expects to return to stronger growth after 2028.
The U.S. drugmaker now expects annual sales of $60.5 billion to $62.5 billion, up from $59.5 billion to $62.5 billion forecast previously.
On an adjusted basis, the company reported a profit of 77 cents per share, compared with analysts’ estimates of 68 cents per share, according to data compiled by LSEG.
(Reporting by Mariam Sunny and Mrinalika Roy in Bengaluru; Editing by Anil D’Silva)