Pfizer tops estimates, hikes low end of revenue guidance on strength of Eliquis, other drugs
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- Pfizer reported Q2 adjusted EPS of 77 cents on revenue of $15.03 billion, beating analyst expectations of 68 cents and $14.41 billion, respectively, per an LSEG survey.
- Pfizer lifted the low end of its full-year revenue guidance to $60.5 billion (from a prior $59.5–$62.5 billion range), crediting an added $1.5 billion in non-Covid product sales.
- Pfizer cut its full-year Covid product revenue outlook to $4 billion, down from roughly $5 billion previously, as demand for its vaccine and Paxlovid antiviral continues to fade.
- Eliquis generated $2.43 billion in Q2 sales, up 19% year-over-year and well ahead of the $2.08 billion StreetAccount consensus, anchoring the non-Covid beat alongside cancer drug Padcev.
- Pfizer swung to a Q2 GAAP net loss of $248 million (4 cents per share), versus net income of $2.91 billion (51 cents per share) in the year-ago quarter.
- Pfizer launched a second-phase cost-cutting program targeting $1.5 billion in savings by 2029 and added another $1 billion in savings from a separate program running 2027–2029.
- Pfizer is leaning on its $10 billion acquisition of obesity biotech Metsera and upcoming data on a GLP-1-plus-amylin combination regimen to offset declining Covid revenue and older-drug patent cliffs.
Why it matters: Eliquis's 19% growth and the $1.5 billion non-Covid revenue lift show Pfizer's post-pandemic portfolio is finally pulling real weight, but management still cut its Covid guide to $4 billion and booked a Q2 GAAP net loss — meaning the Metsera integration and GLP-1 data drops later this year will need to land cleanly to justify the higher floor on revenue.
