Pfizer raises annual profit forecast on strong sales of cancer, heart drugs

Pfizer, which is dealing with a sharp revenue drop from Covid products, raised its annual profit forecast on Tuesday, helped by new cancer treatments acquired through its $43 billion deal for Seagen and strong sales of its heart disease drug.
 

The market for pharmaceutical products used in managing Covid-19 has shrunk by billions of dollars a year, including for Pfizer's vaccines and treatments.
 

Pfizer CEO Albert Bourla has responded with several acquisitions - including the Seagen deal - and cost-cutting measures. The drugmaker has also sharpened its focus on cancer treatments.
 

Pfizer's quarterly sales grew 3 per cent to $13.3 billion, marking its first quarter of sales growth since Covid revenue peaked in late 2022.
 

The quarter was helped by sales of its heart disease drug, sold under brand names Vyndaqel or Vyndamax, cancer therapy Padcev and Covid treatment Paxlovid.
 

New Jersey-based Pfizer now expects annual profit to be in the range of $2.45 to $2.65 per share, compared with its prior profit forecast of $2.15 to $2.35 per share.
 

The raise was "somewhat expected, given the company's initially conservative guide but still, we are encouraged to see Pfizer executing where it matters," BMO Capital Markets analyst Evan Seigerman said.
 

Pfizer also raised its full-year sales forecast for its antiviral drug, Paxlovid, which is used in high-risk Covid cases, by $500 million to $3.5 billion.
 

Vyndaqel sales came in $200 million ahead of analyst estimates at $1.32 billion for the quarter, according to LSEG data.
 

Sales of the closely watched drug, Padcev, were $394 million for the quarter, beating estimates of $362 million.
 

Quarterly sales of Comirnaty vaccine, which it makes with German partner BioNTech, came in at $195 million and Paxlovid sales were $251 million. Analysts were expecting sales of $176 million for Comirnaty and $247.7 million for Paxlovid.
 

Shares of the company's rose 1 per cent to $31 in premarket trading.


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