Pfizer lifts full-year guidance on robust third quarter

(Sharecast News) - Pfizer lifted its full-year guidance on Tuesday, after healthy demand for its blood thinners and cancer drugs helped offset falling sales of Covid-19 medicines. The US pharma giant posted third-quarter revenues of $16.6bn, largely unchanged on the same period a year earlier, weighed down by sliding sales of Covid vaccine Comirnaty and antiviral treatment Paxlovid. Once they were stripped out, however, revenues grew 7% operationally, with especially good performances from blood thinner Eliquis, bladder cancer treatment Padcev and the Vyndaqel family of medicines, which are used to treat transthyretin amyloidosis.

Adjusted profits were $0.87 per share, unchanged year-on-year but comfortably beating estimates for $0.73.

As a result, the company raised its full-year outlook. It now expects revenues to come in between $62bn and $64bn, with adjusted diluted earnings per share of between $2.95 and $3.05. It had previously guided for revenues between $60.5bn and $62.5bn, and EPS of between $2.80 and $3.00.

Albert Bourla, chief executive, called it a "strong" quarter, with "commercial momentum disciplined execution".

He continued: "Our obesity programme continued to advance and recent milestones in oncology, immunology and vaccines further demonstrate the potential of our pipeline. With a robust slate of expected catalysts ahead, I believe we're well positioned to deliver meaningful new medicines for patients and lasting value."

Shares in Pfizer nudged higher as trading got underway on Wall Street, putting on nearly 1%.