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Pfizer lifts profit view on cost cuts, demand for COVID products

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Pfizer lifted its annual profit forecast, banking on cost cuts, a smaller-than-feared drop in sales for its COVID antiviral treatment and strong demand for pneumonia vaccine, sending its shares up about 2% before the bell on Wednesday.

lifted its annual profit forecast, banking on cost cuts, a smaller-than-feared drop in sales for its COVID antiviral treatment and strong demand for pneumonia vaccine, sending its shares up about 2% before the bell on Wednesday.

The drugmaker has responded with a $43 billion purchase of cancer drugmaker Seagen, a $4 billion cost-cut plan and internal restructuring. However, first-quarter sales from the vaccine came in at $354 million, missing analysts' average estimate of $496.5 million.Sales of Paxlovid stood at $2.04 billion for the quarter, beating analysts' expectations of $762.5 million.

Its market-leading pneumonia family of vaccines, sold under the brand name Prevnar, brought in sales of $1.69 billion, beating estimates of $1.66 billion.

Source: Financial Digest (financialdigest.net)

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