Pfizer surpasses earnings expectations and raises its full-year forecast after reducing expenses.

• The drugmaker, Pfizer, reported second-quarter revenue and adjusted earnings that surpassed expectations, and subsequently raised its full-year forecast as it continues to reduce expenses.
• Pfizer is struggling to recover from the decline in demand for its Covid products and regain the favor of Wall Street.

Pfizer reported better-than-expected revenue and earnings in the second quarter, thanks to its cost-cutting program, strong sales of Paxlovid, and non-Covid product sales.

Pfizer has revised its earnings forecast for the fiscal year to be between $2.45 and $2.65 per share, an increase from its previous projection of $2.15 to $2.35 per share.

Pfizer raised its revenue outlook to a range of $59.5 billion to $62.5 billion, an increase from its previous forecast of between $58.5 billion and $61.5 billion.

As Pfizer struggles to recover from the decline in demand for its Covid products, the company is working to stabilize its business and regain the favor of Wall Street. In the U.S., the vaccine and antiviral pill Paxlovid experienced a sharp drop in demand last year as the world emerged from the pandemic.

In October, Pfizer launched a cost-cutting initiative aimed at achieving at least $4 billion in savings by 2024. The company later announced a multi-year plan to reduce costs, with the first phase expected to yield $1.5 billion in savings by 2027.

Seagen acquisition last year has led Pfizer to focus on cancer treatment.

According to a survey of analysts by LSEG, the company's second-quarter performance differed from Wall Street's expectations.

• Earnings per share: 60 cents adjusted vs. 46 cents expected.
• Revenue: $13.28 billion vs. $12.96 billion expected.

In the second quarter, the company recorded a net income of $41 million, or 1 cent per share, which is lower than the $2.33 billion, or 41 cents per share, earned in the same period last year. However, when excluding certain items, the company's earnings per share were 60 cents for the quarter.

In the second quarter, Pfizer reported a revenue of $13.28 billion, which represents a 2% increase compared to the same period in the previous year.

This story is developing. Please check back for updates.