Drugmaker Pfizer hikes 2024 forecast again after initially underwhelming Wall Street
Pfizer now expects 2024 earnings to wind up well above analyst expectations after starting the year with a forecast that disappointed Wall Street.
The drugmaker also said Tuesday that sales growth for non-COVID related drugs like the blood thinner Eliquis helped it deliver a better-than-expected performance in the recently concluded second quarter.
Company shares climbed in early morning trading.
Overall, the drugmaker’s net income tumbled 98% to $41 million in the quarter, hit by a roughly $1.3 billion restructuring charge for a manufacturing optimization program.
But total sales grew 2% to $13.28 billion, which Pfizer officials noted was the first year-over-year growth since the end of 2022, when COVID revenue peaked.
Pfizer’s adjusted earnings in the quarter totaled 60 cents per share.
Analysts expect earnings of 46 cents per share on $12.96 billion in revenue for the quarter, according to FactSet.
Eliquis sales rose 7% to nearly $1.9 billion in the quarter, while revenue from the heart treatment Vyndaqel jumped 69% to $1.32 billion.
Sales for the COVID-19 vaccine Comirnaty fell 87% to $195 million in the quarter.
Pfizer Inc. said Tuesday it expects adjusted earnings this year to range between $2.45 to $2.65 per share. That’s up from a forecast it made in May for $2.15 to $2.35 per share.
For the full year, Wall Street expects earnings of $2.36 per share.
Company shares climbed 21 cents to $30.93 in morning trading.