Pfizer lifted the bottom end of its full-year revenue guidance on Tuesday, citing growth in its non-Covid pharmaceutical portfolio. The stock slipped in premarket trading.
The drugmaker posted adjusted earnings of 77 cents a share on $15 billion in revenue for the second quarter. That compares with analysts' calls for 68 cents and $14.3 billion, respectively.
Pfizer raised its full-year revenue forecast to $60.5 to $62.5 billion, up from $59.5 to $62.5 billion previously, to reflect strong non-Covid product sales. The midpoint of the new range fell short of Wall Street's $61.8 billion forecast. The drugmaker separately reaffirmed its full-year adjusted earnings guidance of $2.80 to $3 a share. Analysts were looking for $2.94.
Also on Tuesday, smaller peer BioNTech reported earnings. The companies jointly developed the Comirnaty Covid-19 vaccine, the first to be be approved by regulators at the height of the pandemic, with BioNTech responsible for the core mRNA technology and Pfizer tackling clinical trials and manufacturing.
Like Pfizer, BioNTech is attempting to move past its Covid-era success as the portfolio continues to drive its bottom line. The company on Tuesday posted second-quarter revenue of 105.6 million euros, missing the 157.8 million euros analysts had expected, citing weaker-than-anticipated demand for Covid vaccines.
The company also set a revenue outlook of 1.6 to 1.9 billion euros for the full year. Analysts polled by FactSet were looking for 2.16 billion euros.
BioNTech's U.S.-listed shares tumbled 3.5% in Tuesday's premarket.
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