Pfizer's Profitable Year Amidst Legal Battle for Metsera

Pfizer has increased its annual profit forecast and reported higher-than-expected profits for the third quarter amid a legal battle with Novo Nordisk over obesity drug developer Metsera. Despite declining COVID-19-related sales, the company boosted earnings through cost-cutting and new product launches.

Pfizer has revised its full-year profit forecast upwards for the second time this year and reported better-than-expected third-quarter profits. The announcement was made just hours before a critical court hearing concerning Pfizer's legal struggle with Novo Nordisk over the acquisition of obesity drug developer Metsera.

Despite a 55% drop in sales of its COVID-19 antiviral Paxlovid and a 20% decline in sales from its Comirnaty vaccine, Pfizer has managed to stabilize its earnings. CEO Albert Bourla attributes this to strategic cost-cutting efforts, successful new product launches, and sustainable sales of existing drugs.

The New York-based pharmaceutical giant forecasts adjusted earnings between $3.00 and $3.15 per share for the year. However, the ongoing public dispute with Novo Nordisk over Metsera has introduced complexities, as Pfizer filed multiple lawsuits to uphold its acquisition agreement worth up to $7.3 billion.

(With inputs from agencies.)