Pfizer raises annual profit forecast
U.S. drugmaker Pfizer raised its full-year profit forecast on Tuesday after reporting better-than-expected results for the second quarter, boosted by strong demand for its heart disease drug, Vyndaqel, and blood thinner, Eliquis.
The drugmaker now expects to earn US$2.90 to $3.10 per share on an adjusted basis in 2025, compared with its previous expectations of $2.80 to $3.00 per share.
Shares of the drugmaker rose 2.4 per cent in premarket hours.
Pfizer said the new forecast includes an impact of 20 cents per share related to its recent licensing deal with China's 3SBio for experimental cancer treatment.
Pfizer's results come at a time when the pharmaceutical industry is under pressure from U.S. President Donald Trump's administration to lower drug prices and is gearing up for 15 per cent tariffs on imports from the European Union.
The drugmaker has said it had enough manufacturing capacity across its 10 sites in the United States to mitigate any impact from tariffs and is open to shifting some production to these existing facilities.
Investors are also closely monitoring potential disruptions to Pfizer and other companies' vaccine portfolio from policy changes under U.S. Secretary of Health and Human Services, Robert F. Kennedy Jr., a known vaccine skeptic. Vaccines account for about 20 per cent of Pfizer's revenues.
On an adjusted basis, Pfizer earned 78 cents per share in the second quarter, compared with analysts' expectations of 58 cents per share, according to LSEG data.
(Reporting by Bhanvi Satija in Bengaluru and Michael Erman in New York; Editing by Anil D'Silva)
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