Pfizer reported second-quarter financial results that exceeded analyst expectations and prompted the company to adjust its full-year revenue outlook upward. The pharmaceutical manufacturer now anticipates total revenue between $60.5 billion and $62.5 billion, raising the lower bound from a previous guidance of $59.5 billion while maintaining the upper end. This updated range would represent roughly flat performance or a slight decline compared with 2025 revenue of $62.6 billion.
The company’s non-Covid product portfolio delivered substantial growth during the quarter, with sales reaching $15.03 billion, up 3% year-over-year. Eliquis, a blood thinner medication, significantly outperformed market expectations with $2.43 billion in quarterly sales, representing 19% growth and exceeding analyst projections of $2.08 billion. Additionally, recently launched and acquired products contributed $3.2 billion to quarterly revenues. These gains helped offset declining demand for Covid-related products, which Pfizer attributed to low infection rates.
Conversely, Pfizer trimmed its full-year outlook for Covid products to $4 billion, down from approximately $5 billion previously. The company cited low Covid-19 incidence as a factor limiting utilization of Paxlovid and noted that Comirnaty vaccine sales are expected to concentrate toward year-end during the typical vaccination season. The company recorded a net loss of $248 million for the quarter, or 4 cents per share, compared with net income of $2.91 billion in the prior-year period. This loss primarily reflected a $4.3 billion noncash impairment charge resulting from lowered revenue expectations for certain pipeline products following disappointing trial results and regulatory discussions.
Pfizer reiterated its full-year adjusted earnings guidance of $2.80 to $3 per share and announced additional cost-reduction initiatives. The company identified $2.5 billion in new savings from two separate cost-cutting programs beginning in 2027 and extending through 2029. Pfizer indicated that the first phase of its multiyear cost initiative remains on track to deliver $1.5 billion in savings by the end of 2027. Management highlighted confidence in the company’s performance and outlined strategic investments in its pipeline, including a recent $10 billion acquisition of obesity biotech firm Metsera.
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