Pfizer tops estimates, hikes low end of revenue guidance on strength of Eliquis, other drugs
Pfizer said it cut its full-year revenue expectation for its Covid products to $4 billion, down from around $5 billion previously.
Pfizer's quarterly results beat expectations, driven in part by the performance of Eliquis, a blood thinner that has been a consistent earner for the company. The strength of this and other non-Covid related drugs helped Pfizer raise the low end of its full-year revenue guidance, despite cutting its expectations for Covid product sales.
The downward revision to Covid product sales is not surprising, given the evolving nature of the pandemic and the declining demand for Covid-specific treatments. Pfizer's Covid product sales have been a significant contributor to its revenue in recent years, but the company has been working to diversify its portfolio and reduce its dependence on these products. The performance of Eliquis and other drugs suggests that this strategy is bearing fruit.
Looking ahead, investors will be watching to see if Pfizer can continue to deliver strong results from its non-Covid related portfolio. The company's ability to navigate the changing Covid landscape and execute on its growth strategy will be key areas of focus. Options traders may want to keep an eye on Pfizer's volatility, as the stock reacts to the updated guidance and as investors position themselves for the company's future prospects.
Originally reported by cnbc.com. OptionNews adds analysis for finance & markets readers.