Pfizer increases annual profit forecast amid solid demand for blood thinner drug

Investing.com - Pfizer has lifted its full-year profit forecast, thanks largely to strong demand for its blood thinner Eliquis.

Adjusted earnings per share is now forecast to be between $2.95 to $3.05, compared to earlier projections of $2.80 to $3.00. Wall Street consensus expectations had seen the outlook at $2.96, according to data cited by Bloomberg News.

The drugmaker also guided for $62 billion to $64 billion in annual revenue, up from $60.5 billion to $62.5 billion previously. Estimates had called for $62.26 billion.

"The company's guidance takes into consideration our strong year-to-date performance, continued confidence in our business and progress with ongoing cost improvement initiatives," Pfizer said. Previously, the firm outlined plans to slash an additional $2.5 billion in expenses.

Third-quarter per-share income stood at $0.87, above forecasts of $0.73. Revenue for the period inched down to $16.58 billion, exceeding estimates of $15.87 billion.

Global sales of Eliquis jumped by 25%, driven primarily by higher net pricing in the U.S. as well as increased demand around the world. Pfizer noted that this was partially offset by competition from new generic options and price erosion in some international markets.

Sales of Padcev, a targeted prescription medication used to treat advanced or metastatic bladder cancer, also climbed by 55%.

New York-based Pfizer has been banking on the success of newer medications to help decrease its reliance on older blockbuster drugs, particularly COVID-related treatments which sent revenues soaring during the pandemic. Excluding COVID-19 products like Comirnaty and Paxlovid, revenues grew 7% operationally in the third quarter.

Shares of Pfizer oscillated around the flatline in premarket U.S. trading on Tuesday.