Pfizer raised its full-year profit and revenue forecasts yesterday as strong demand for its recently acquired cancer drug Padcev and blockbuster blood thinner Eliquis led to higher-than-expected third-quarter results.
Pfizer is now targeting annual sales of $62 billion to $64bn, up from the prior forecast of $60.5bn to $62.5bn, and earnings of $2.95 to $3.05 per share, compared with its previous outlook of $2.80 to $3.00 a share.
Chief executive officer Albert Bourla said the raised outlook reflected the strong quarterly performance as well as confidence in the company’s strategy, pipeline and long-term growth prospects.
The New York-based drugmaker has spent billions of dollars on acquisitions and licensing deals to bolster its pipeline and reassure investors about its growth prospects despite looming patent expirations and declining sales of Covid-19 products that had generated a revenue windfall during the pandemic.
The company spent $43bn in 2023 to acquire cancer drugmaker Seagen and $10bn for obesity drug developer Metsera last year.
Pfizer’s acquired products are increasingly contributing, but the longer-term growth story still depends on the success of experimental treatments in the pipeline, Bernstein analyst Courtney Breen said.
Among the near-term catalysts investors are watching for are late-stage data for experimental cancer drug mevrometostat and early results from Metsera’s amylin-based obesity drug.
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