PFIZER lifted its annual profit forecast on Wednesday (May 1), banking on cost cuts and better-than-expected demand for its Covid antiviral treatment and vaccine.

The US drugmaker’s shares rose nearly 3 per cent before the bell after the company said it expects adjusted earnings per share of US$2.15 to US$2.35 in 2024 compared with a prior forecast of US$2.05 to US$2.25.

Pfizer’s shares have lost 11 per cent of their value so far this year amid growing investor worries over the drugmaker’s growth after the pandemic.

Its stock declined more than 40 per cent last year as billions of dollars in Covid vaccine and treatment sales evaporated.

The drugmaker responded with a US$43 billion purchase of cancer drugmaker Seagen, a US$4 billion cost-cut plan and internal restructuring.

Revenue from Comirnaty continue to perform consistently with its expectations, Pfizer said. It expects about 90 per cent of vaccine sales to occur in the second half, mostly in the fourth quarter.

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Pfizer expects revenue from its Covid-19 vaccine Comirnaty and anti-viral treatment Paxlovid to be US$8 billion in 2024.

The US drugmaker posted an adjusted profit of 82 cents per share, while analysts on average were expecting it to earn 52 cents, according to LSEG data. REUTERS