Pfizer’s strong quarter bolsters CEO’s comeback efforts

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Subscribe to enjoy similar stories. Pfizer punched back against activist investor Starboard Value on Tuesday, delivering positive quarterly results. The pharmaceutical company raised its revenue outlook for the year to between $61 billion to $64 billion, up from $59.5 billion to $62.5 billion previously.

It also raised its guidance on adjusted annual earnings per share to a range of $2.75 to $2.95 per share, up from between $2.45 to $2.65 per share. The encouraging third quarter comes as Pfizer faces pressure from activist investor Starboard, who says poor investments in research and dealmaking have helped destroy billions of dollars in market capitalization. The latest earnings highlight Pfizer’s third consecutive quarter with positive results—a bright spot that could bolster the drugmaker, and Chief Executive Albert Bourla’s efforts to revamp the company.

Pfizer also beat Wall Street’s expectations on quarterly sales and earnings. The company reported sales totaling $17.7 billion, driven by its antiviral drug Paxlovid and cancer medicines, up from $14.9 billion forecast by analysts. Pfizer also reported adjusted earnings per share of $1.06, beating analyst estimates of 61 cents per share, according to FactSet.

Shares rose 0.6% in premarket trading Tuesday. Pfizer generated record profits after it introduced its Covid-19 vaccine, which powered the company’s stock to a record high in 2021. But since then, shares have lost about half their value, weighed down by Pfizer’s inability to shake off a post-pandemic slump.