Pfizer Boosts Annual Profit Forecast Amid Surge in Cancer and Heart Drug Sales

Pfizer raised its annual profit forecast, driven by cancer treatments from its $43 billion Seagen acquisition and robust sales of its heart disease drug. The company faces declining COVID revenue but aims to stabilize through strategic acquisitions and cost-cutting. Shares rose 1% as sales grew 3% to $13.3 billion in Q3.

On Tuesday, Pfizer announced an increase in its annual profit forecast, primarily due to boosted sales of cancer treatments acquired through its $43 billion Seagen deal and its heart disease drug. This comes as Pfizer grapples with a significant revenue drop from its COVID-related products.

CEO Albert Bourla has responded to these challenges by making several strategic acquisitions and implementing cost-cutting measures. Pfizer has also intensified its focus on cancer treatments. The company's shares, however, remain at roughly half their pandemic-era highs.

Chris Schott, an analyst at J.P. Morgan, predicted that Pfizer's stock is likely to remain within the current range due to limited revenue growth and stronger competition. The company's quarterly sales grew by 3% to $13.3 billion, the first sales growth since COVID revenue peaked in 2022. Notably, Pfizer has upgraded its annual profit forecast to $2.45-$2.65 per share, compared to a previous forecast of $2.15-$2.35.

(With inputs from agencies.)