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Pfizer Raises Annual Profit Forecast Amid Strong Sales of New Cancer Treatments and Heart Disease Drug

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Nicholas Edwardshttps://bollywoodfever.co.in/
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Pfizer raises its annual profit forecast, bolstered by new cancer treatments from its $43 billion Seagen deal and strong sales of heart disease drug Vyndaqel/Vyndamax. Quarterly sales grow 3%.

Bollywood Fever: Pfizer, facing a significant revenue decline from its COVID-19 products, has raised its annual profit forecast, supported by new cancer treatments acquired through its $43 billion acquisition of Seagen and robust sales of its heart disease drug.

As the market for pharmaceutical products used to manage COVID-19 has contracted by billions of dollars, Pfizer’s CEO Albert Bourla has responded with strategic acquisitions, including the Seagen deal, and cost-cutting measures. The company has also intensified its focus on cancer treatments.

Pfizer

In a notable turnaround, Pfizer’s quarterly sales grew by 3% to $13.3 billion, marking its first quarter of sales growth since COVID-19 revenue peaked in late 2022. This growth was driven by strong performances from its heart disease drug, marketed under the brand names Vyndaqel or Vyndamax, the cancer therapy Padcev, and the COVID-19 treatment Paxlovid.

Following these positive results, Pfizer now expects its annual profit to be in the range of $2.45 to $2.65 per share, up from its previous forecast of $2.15 to $2.35 per share. BMO Capital Markets analyst Evan Seigerman commented on the forecast adjustment, stating, “The raise was somewhat expected, given the company’s initially conservative guide but still, we are encouraged to see Pfizer executing where it matters.”

Additionally, Pfizer has increased its full-year sales forecast for Paxlovid, its antiviral drug used in high-risk COVID-19 cases, by $500 million to $3.5 billion.

Sales of Vyndaqel surpassed analyst expectations by $200 million, reaching $1.32 billion for the quarter, according to LSEG data. The cancer drug Padcev also exceeded estimates, with quarterly sales of $394 million against the expected $362 million.

The Comirnaty vaccine, developed in partnership with Germany’s BioNTech, achieved quarterly sales of $195 million, while Paxlovid sales were $251 million. Analysts had predicted sales of $176 million for Comirnaty and $247.7 million for Paxlovid.

As a result of these developments, Pfizer’s shares rose by 1% to $31 in premarket trading.

Key Takeaways:

  • Pfizer raises its annual profit forecast to $2.45-$2.65 per share.
  • Quarterly sales grew 3% to $13.3 billion.
  • Strong performances from heart disease drug Vyndaqel/Vyndamax, cancer therapy Padcev, and COVID-19 treatment Paxlovid.
  • Increased full-year sales forecast for Paxlovid to $3.5 billion.
  • Shares rose 1% to $31 in premarket trading.

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