Pfizer's strong Q2 results and new obesity drug trials position the company for future grow
Pfizer Inc.'s second-quarter results show the company is positioning itself for future success despite post-pandemic sales struggles, according to BNN Bloomberg.
Lee Brown, global sector lead for healthcare at Third Bridge, remarked in a Tuesday interview with BNN Bloomberg, “I think they delivered a really nice print.”
He highlighted Pfizer’s effective cost-savings initiatives, which have significantly improved their gross margin and led to an earnings per share (EPS) beat.
Brown noted that Pfizer's core drug offerings are performing well in the market, and its robust pipeline will help the company develop new products, offsetting the continued slowdown in sales of pandemic-related pills and vaccines.
He pointed out, “If you pull back the pandemic-related sales tied to COMIRNATY and Paxlovid, a company of this size generating second-quarter revenue that increased 14 per cent year-over-year; I find that compelling.”
Pfizer reported second-quarter earnings of 60 cents per share, surpassing analysts’ average estimate of 46 cents. The company’s revenue for the quarter was US$13.3bn, slightly exceeding estimates.
Additionally, Brown mentioned Pfizer's efforts to enter the obesity drug market. The company's once-per-day weight-loss pill, designed to compete with injectable medicines like Novo Nordisk A/S’s Wegovy, is currently in trials and is set to enter mid-stage development this year.
