Pfizer Boosts Annual Profit Forecast Amid Shift to Oncology and Heart Drugs

Pfizer has increased its annual profit forecast, driven by sales from its heart disease drug and new cancer treatments acquired through a $43 billion deal for Seagen. Despite a significant drop in COVID-19 product revenue, the company has focused on cost-cutting measures and strategic acquisitions to bolster profitability.

Pfizer raised its annual profit forecast on Tuesday, citing contributions from new cancer treatments acquired in a $43 billion deal for Seagen, as well as robust sales of its heart disease drug. The move comes as the market for Pfizer's COVID-19 vaccine and treatment has contracted significantly.

Responding to this decline, Pfizer CEO Albert Bourla initiated several acquisitions, including the Seagen deal, and implemented cost-cutting measures. The company has also intensified its focus on oncology treatments. Despite these efforts, Pfizer's shares remain at roughly half their pandemic-era highs as investors shift away from COVID plays.

The company now expects its annual profit to range between $2.45 and $2.65 per share, up from the previous forecast of $2.15 to $2.35 per share. Analysts see limited revenue growth ahead, with further progress on new product launches and pipeline developments necessary to alter this outlook significantly.

(With inputs from agencies.)