Pfizer has topped Wall Street’s quarterly profit and revenue estimates, driven by robust demand for non-Covid products including its blood thinner Eliquis, prompting the drugmaker to raise the low end of its full-year revenue guidance.
The results underscore the company’s push to reduce its dependence on pandemic-era treatments, whose sales have steadily declined as demand fades. Strength across Pfizer’s broader portfolio helped offset that erosion during the quarter.
Even as its core business gained momentum, Pfizer trimmed its full-year revenue expectation for Covid products to $4 billion, down from a previous estimate of roughly $5 billion. The company cited softer demand for its vaccine and antiviral treatment as the primary factor behind the reduction.
Eliquis, developed in partnership with Bristol Myers Squibb, remained a standout performer, with sales buoyed by sustained demand for the anticoagulant. The medicine has become one of Pfizer’s most important growth drivers as its Covid franchise contracts.
The stronger performance across established products allowed Pfizer to hike the bottom end of its annual revenue outlook, a signal of growing confidence in the durability of its non-pandemic business lines.
The quarter continues a trend evident in recent periods, as Pfizer works to stabilize earnings while pursuing an aggressive cost-reduction strategy. The company has previously outlined billions of dollars in fresh cost cuts aimed at restoring profitability after the wind-down of pandemic revenue.
This development comes as major pharmaceutical firms navigate the transition away from Covid-driven windfalls, seeking growth from oncology, cardiovascular treatments, and other therapeutic areas.
Pfizer is expected to continue leaning on its established medicines and pipeline expansion to sustain momentum, with investors watching closely for signs that its non-Covid portfolio can offset the ongoing decline in pandemic-related sales in the quarters ahead.