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Pfizer Raises Full-Year Outlook as Newer Products Grow and Names New CFO
Pfizer lifts full-year guidance on newer products and names Cecile Guegan chief financial officer
Key points
- Third-quarter revenue was $16.58 billion, against $15.87 billion expected in an LSEG analyst survey.
- A one-time $650 million charge tied to the Innovent Biologics licensing deal cut profit by 10 cents per share.
- Sales of newly launched and acquired products grew 32% operationally, and Covid vaccine sales reached $808 million.
Why it matters. Investors get a higher outlook as Pfizer seeks growth to offset falling Covid demand and generic rivals threatening its biggest moneymakers.
Pfizer on Tuesday reported third-quarter adjusted earnings of 87 cents per share against 73 cents expected and raised full-year revenue guidance to $62 billion to $64 billion. Strong Eliquis sales, up 25% to $2.52 billion, offset lower Covid revenue, the company said. Cecile Guegan, interim chief financial officer since August, has now formally taken the job, replacing Dave Denton, who left for Nike.
Latest updates
Pfizer Raises Full-Year Outlook as Newer Products Grow and Names New CFO
Pfizer reported fiscal third-quarter results that exceeded analyst estimates and raised its full-year outlook on Tuesday. The company said demand for its newly launched and acquired products is growing. On the same day, Pfizer named Cecile Guegan as its chief financial officer. Guegan has held various finance leadership roles at Pfizer over roughly two decades, and she stepped into the CFO role earlier this month. The excerpt does not provide the revised full-year revenue or earnings figures. The leadership change and raised guidance will be closely watched by investors.