Asian-News.net is your go-to online destination for comprehensive coverage of major news across Asia. From politics and business to culture and technology, we bring you the latest updates, deep analyses, and critical insights from every corner of the continent. Featuring exclusive interviews, high-quality photos, and engaging videos, we keep you informed on the breaking news and significant events shaping Asia. Stay connected with us to get a 24/7 update on the most important stories and trends. Our daily updates ensure that you never miss a beat on the happenings in Asia's diverse nations. Whether it's a political shift in China, economic development in India, technological advancements in Japan, or cultural events in Southeast Asia, Asian-News.net has it covered. Dive into the world of Asian news with us and stay ahead in understanding this dynamic and vibrant region.

Contacts

  • Owner: SNOWLAND s.r.o.
  • Registration certificate 06691200
  • 16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
  • Czech Republic

Pfizer beats earnings estimates, hikes full-year outlook as drugmaker cuts costs

Pfizer on Thursday reported second-quarter revenue and adjusted earnings that blew past expectations and raised its full-year outlook, benefiting from its broad cost-cutting program, better-than-expected sales of its Covid antiviral pill, Paxlovid, and strong non-Covid product sales.

The company now expects to book adjusted earnings of $2.45 to $2.65 per share for the fiscal year, up from its previous guidance of $2.15 to $2.35 per share. 

Pfizer also hiked its revenue outlook to a range of $59.5 billion to $62.5 billion, up from a previous revenue forecast of between $58.5 billion and $61.5 billion. That includes roughly $5 billion in expected revenue from its Covid vaccine and $3.5 billion from Paxlovid.

The pharmaceutical giant said its higher outlook reflects its strong performance in the first half of the year and its confidence in the "underlying strength" of its business. Notably, Pfizer on Tuesday posted its first quarter of topline revenue growth since the fourth quarter of 2022, when its Covid revenues peaked.

The results come as Pfizer scrambles to stabilize its business and win back Wall Street's favor following the rapid decline in demand for its Covid products. Demand for its vaccine and Paxlovid plunged and transitioned to the commercial market in the U.S. last year as the world emerged from the pandemic. 

As revenue dried up, Pfizer in October launched a broad cost-cutting push that aims to deliver at least $4 billion in savings by the end of 2024. The company has since announced a separate multi-year plan to slash costs, with the first phase of the effort slated to deliver $1.5 billion in savings by 2027. 

Pfizer is also zeroing in on treating cancer after its whopping $43 billion acquisition of Seagen last

Read more on cnbc.com
DMCA