Pfizer tops estimates, hikes low end of revenue guidance on strength of Eliquis, other drugs
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- Pfizer beat Q2 estimates with adjusted EPS of 77 cents (vs 68 cents expected) and revenue of $15.03 billion (vs $14.41 billion expected), up 3% year-over-year.
- Pfizer raised the low end of full-year revenue guidance to $60.5–$62.5 billion (from $59.5–$62.5 billion), citing a $1.5 billion expected bump from non-Covid products.
- Pfizer cut its full-year Covid product revenue forecast to $4 billion from roughly $5 billion, citing low COVID-19 incidence limiting Paxlovid utilization.
- Eliquis generated $2.43 billion in Q2 sales, up 19% and well past the $2.08 billion analyst estimate, helping offset Covid weakness.
- Pfizer announced $2.5 billion in additional cost savings across two programs to be achieved from 2027 through 2029, on top of a previously announced $5.7 billion savings effort.
- Pfizer posted a $248 million net loss after a $4.3 billion non-cash impairment charge tied to disappointing late-stage trial results for sigvotatug vedotin in previously treated non-small cell lung cancer and the removal of Oxbryta revenue projections.
- Pfizer is leaning on pipeline investments including its recent $10 billion acquisition of obesity biotech Metsera to counter waning Covid sales and declines from older drugs.
Why it matters: Pfizer's non-Covid portfolio—led by Eliquis's 19% sales growth—now anchors a $60.5–$62.5 billion revenue outlook, while $2.5 billion in new cost cuts through 2029 help offset a $4.3 billion impairment from failed lung cancer and sickle cell programs. The pivot underscores management's shift away from pandemic-era products toward pipeline bets like the $10 billion Metsera obesity acquisition.
