Pfizer’s third-quarter revenue and adjusted profit exceeded expectations, driven by strong sales of its Covid vaccine and Paxlovid antiviral pill. Pfizer raised its full-year EPS guidance and revised revenue projections. The pharmaceutical company is also focused on delivering $4 billion in savings this year. Pfizer’s quarterly report highlights cost-cutting efforts as it seeks to recover from declines in its Covid business and share price, now at about half of its pandemic peak. Activist investor Starboard Value has pressed for operational changes, citing underperformance in investments.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Pfizer's third-quarter revenue and adjusted profit exceeded expectations,
00:06driven by strong sales of its COVID vaccine and Paxlovid antiviral pill.
00:10Pfizer raised its full-year EPS guidance and revised revenue projections.
00:15The pharmaceutical company is also focused on delivering $4 billion in savings this year.
00:20Pfizer's quarterly report highlights cost-cutting efforts as it seeks to
00:24recover from declines in its COVID business and share price,
00:27now at about half of its pandemic peak.
00:30Activist investor Starboard Value has pressed for operational changes,
00:33citing underperformance in investments.