The exterior of Pfizer headquarters was featured on January 29th, 2023 in New York City.
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Pfizer On Tuesday we hiked annual adjusted profit guidance on cost reductions this year and strong business performance.
The company also reported second quarter results that surpassed Wall Street estimates for this period.
Based on an analyst survey by LSEG, the company reported in the second quarter compared to what Wall Street had expected:
Earnings per share: 78 cents adjusted 58 cents forecast: $146.5 billion vs. $13.56 billion
The results come after Pfizer expanded its cost-cutting efforts in April. It aims to help the pharmaceutical giant recover from the rapid decline in Covid business and stock prices over the past few years. With the additional cuts announced in April, Pfizer currently expects to offer approximately $7.7 billion in savings from two separate cost-cutting programs by the end of 2027.
The outcome comes as Pfizer and other drugmakers are working on US President Donald Trump’s call to lower drug prices and his planned tariff guise on drugs imported into the country.
In April, Pfizer executives said the company’s 2025 guidance at the time included a $150 million cost in expected costs from Trump’s existing tariffs, but no sector-specific taxation.
