Exterior view of the Pfizer headquarters building on January 29, 2023 in New York City.
View Press | Corbis News | Getty Images
Pfizer on Tuesday hiked its full-year adjusted profit guidance on its cost cuts and strong business performance this year.
The company also reported second-quarter results that topped Wall Street’s estimates for the period.
Here’s what the company reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: 78 cents adjusted vs. 58 cents expected
- Revenue: $14.65 billion vs. $13.56 billion expected
The results come after Pfizer in April expanded its cost-cutting efforts, which aim to help the pharmaceutical giant recover from the rapid decline of its Covid business and stock price over the past few years. With the added cuts announced in April, Pfizer now expects to deliver around $7.7 billion in savings by the end of 2027 from two separate cost-cutting programs.
The results also come as Pfizer and other drugmakers grapple with President Donald Trump’s calls to lower drug prices in the U.S. and brace for his planned tariffs on pharmaceuticals imported into the country.
In April, Pfizer executives said the company’s 2025 guidance at the time included $150 million in expected costs from Trump’s existing tariffs, but not sector-specific levies.
