Pfizer Inc. (NYSE:PFE) has revised its 2024 earnings forecast upward following a better-than-expected performance in the recently concluded second quarter, despite an initial forecast that fell short of Wall Street’s expectations.
The pharmaceutical company reported a 98% drop in net income to $41 million for the quarter, primarily due to a $1.3 billion restructuring charge related to a manufacturing optimization program. However, Pfizer’s total sales increased by 2% to $13.28 billion, marking the first year-over-year growth since the end of 2022, when COVID-19 products peaked.
According to FactSet, Pfizer’s adjusted earnings for the quarter were 60 cents per share, surpassing analysts’ expectations of 46 cents per share on revenue of $12.96 billion. Shares of Pfizer saw an increase in early morning trading.
The growth in sales of non-COVID-related drugs, such as the blood thinner Eliquis, contributed significantly to the positive performance. Eliquis sales rose 7% to nearly $1.9 billion, while revenue from the heart treatment Vyndaqel surged 69% to $1.32 billion. In contrast, sales of the COVID-19 vaccine Comirnaty declined by 87% to $195 million for the quarter.
Pfizer has updated its full-year adjusted earnings forecast to $2.45 to $2.65 per share, an increase from the May forecast of $2.15 to $2.35 per share. Wall Street’s full-year earnings expectation is $2.36 per share.
Pfizer’s stock climbed by 21 cents to $30.93 in morning trading.
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