Pfizer beats Q4 profit estimates on strong drug demand

[WASHINGTON] Pfizer on Tuesday (Feb 3) reported fourth-quarter profit above Wall Street estimates, as sustained demand for older drugs such as blood thinner Eliquis helped offset fading sales of its Covid products.

The upbeat results land as Pfizer navigates falling demand for its Covid-19 products and faces the upcoming patent expirations on several of its older drugs, which will allow cheaper generics to enter the market.

Pfizer has already warned of challenges it expects over the next few years and has said that it does not expect to return to revenue growth until 2029. The company is banking on developing new blockbuster medicines, including obesity drugs acquired through recent deals, to help drive that recovery.

Robust demand for its heart and oncology drugs helped achieve total sales for the quarter of US$17.56 billion, compared with analysts’ average expectation of US$16.95 billion, according to data compiled by LSEG.

On an adjusted basis, the company reported a profit of 66 cents per share, compared to analysts estimates of 57 cents per share. REUTERS