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New York: Pfizer reported a jump in second-quarter profits Tuesday behind higher sales of Covid-19 products and some other pharmaceuticals, while also benefiting from lower expenses.
The big US drugmaker raised its full-year profit forecast after easily topping analyst expectations, lifting shares.
Besides Covid-19 vaccine Comirnaty and therapeutic Paxlovid, Pfizer notched revenue increases in Vyndaqel, which is used for heart problems, and cancer medication Padcev.
Pfizer spent less on marketing and research and development.
It said profits were $2.9 billion, up from just $41 million in the year-ago period, when results were dented by restructuring costs.
Revenues rose 10 percent to $14.7 billion.
Pfizer has already implemented some short-term adjustments in light of "rapidly changing proposed trade and tariff policies," Chief Financial Officer David Denton said in prepared remarks ahead of a conference call.
"We are continuing to evaluate opportunities and developing plans which may help mitigate the potential long-term impact of tariffs on our business and operations," Denton said.
He added that the company's forecasts incorporate currently imposed tariffs on China, Canada and Mexico as well as a potential hit from lower drug prices following pressure from the White House.
Pfizer was among the 17 companies that received a July 31 letter from President Donald Trump demanding lower drug prices.
Pfizer maintained its full-year revenue forecast, but raised its full-year projected profit range by 10 cents, while lowering its expected spending on expenses.
Shares rose 1.9 percent in pre-market trading.
