Pfizer Q2 revenue $15.03B, adjusted EPS 77c beat estimates. Raised revenue outlook to $60.5-$62.5B, cut Covid forecast. Non-Covid products added $1.5B.
Pfizer on Tuesday reported second-quarter results that topped Wall Street estimates and raised the low end of its full-year revenue forecast, citing $1.5 billion in additional sales from non-Covid products.
Revenue came in at $15.03 billion, up 3% from a year earlier. Analysts had expected $14.58 billion, according to LSEG. The company posted a net loss of $248 million, or 4 cents a share, compared with net income of $2.91 billion, or 51 cents a share, in the year-ago period. On an adjusted basis, excluding restructuring charges and intangible asset costs, Pfizer earned 77 cents a share. That beat the consensus estimate of 63 cents.
Pfizer now expects full-year revenue of $60.5 billion to $62.5 billion, up from a prior range of $59.5 billion to $62.5 billion. The new midpoint of $61.5 billion is roughly flat with 2025 revenue of $62.6 billion. The company cut its Covid product sales forecast to $4 billion from about $5 billion. It reiterated adjusted profit guidance of $2.80 to $3 a share.
Eliquis, the blood thinner co-marketed with Bristol Myers Squibb, generated $2.43 billion in sales, up 19% and well above the $2.08 billion analysts had expected. The cancer drug Padcev also contributed to growth.
Pfizer announced a second phase of its cost-cutting initiative, targeting $1.5 billion in savings through 2029 through product portfolio and network structure changes. The first phase remains on track to deliver $1.5 billion in savings by the end of 2027, the company said. An additional $1 billion in savings from a separate program will be achieved from 2027 to 2029, bringing total savings from that initiative to $6.7 billion by the end of the decade.
The results come as Pfizer works to stabilize revenue after the sharp drop in Covid product sales from pandemic peaks. The company's recent $10 billion acquisition of Metsera, a biotechnology company focused on obesity treatments, is part of a strategy to build a pipeline in high-growth areas. Pfizer expects to release data later this year on a combination therapy involving its GLP-1 injection and an amylin analog.
Pfizer reiterated its full-year adjusted profit outlook of between $2.80 and $3 per share.
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