Pfizer released earnings Tuesday that handily beat analyst expectations in the company’s first quarterly report since an activist investor took a $1 billion stake in the drug giant and began putting pressure on its board and CEO.
Pfizer reported adjusted earnings per share, a key metric watched by analysts at investment banks, of $1.06 per share compared to expectations of $0.60 per share among analysts surveyed by Visible Alpha.
Total sales for the quarter were $17.7 billion, compared to expectations of roughly $16 billion. Pfizer raised full-year 2024 guidance to between $61 billion to $64 billion, a 4% increase for already raised guidance in the third quarter. For the full year, adjusted earnings per share will be between $2.75 and $2.95 a share, the company said.
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