Albert Bourla reports Pfizer's second-quarter results beat estimates as non-Covid products offset declining Covid-19 sales
Albert Bourla, CEO of Pfizer, reported second-quarter results that exceeded analyst expectations, driven by strong performance in non-Covid products. The company raised its full-year revenue outlook to a range of $60.5 billion to $62.5 billion, citing a $1.5 billion boost from non-Covid drugs like the blood thinner Eliquis and cancer drug Padcev. These gains helped mitigate the impact of declining Covid-19 sales, as the company lowered its revenue expectations for the vaccine Comirnaty and antiviral pill Paxlovid. Pfizer also announced a multi-year cost-cutting initiative targeting over $10 billion in savings through 2029. The company is prioritizing internal research and development, having invested $5.3 billion so far in 2026. This strategy includes a recent $10 billion acquisition of obesity biotech Metsera to bolster its long-term pipeline. Despite a quarterly net loss of $248 million, the adjusted earnings per share remained strong, reflecting the company's transition toward a post-Covid pharmaceutical powerhouse.