The company hiked its full-year outlook as its Covid vaccine and antiviral pill Paxlovid helped boost sales.
The pharmaceutical giant also hiked its full-year outlook and now expects to book adjusted earnings per share of $2.75 to $2.95, up from its previous guidance of 2.45 to $2.65 per share. It is a critical quarterly report for Pfizer, which is cutting costs as it works to recover from the rapid decline of its Covid business and share price over the last two years. The drugmaker's shares are trading at about half of its pandemic-era high, putting its market cap at roughly $163 billion.that Pfizer failed to capitalize on the windfall earned from its Covid products and, in the process, destroyed tens of billions of dollars in market value.