Pfizer reported second-quarter results that exceeded market forecasts, boosted by a $1.5 billion increase in sales from non-COVID-19 drugs. The pharmaceutical giant raised the lower end of its full-year revenue guidance to a range of $60.5 billion to $62.5 billion, up from the previous estimate of $59.5 billion to $62.5 billion. However, it lowered its full-year revenue outlook for COVID-19-related products, including the vaccine and antiviral Paxlovid, to approximately $4 billion from around $5 billion.

The company's second-quarter revenue reached $15.03 billion, up 3% year-over-year, surpassing the consensus analyst estimate of $14.41 billion. Strong sales of core products like the anticoagulant Eliquis and the targeted cancer drug Padcev offset pressure from declining COVID-19-related revenue. Eliquis sales significantly outpaced expectations, reaching $2.43 billion, a 19% increase from the same period last year, compared to the StreetAccount analyst consensus of $2.08 billion.

Pfizer reported a net loss of $248 million for the quarter, or $0.04 per share, compared to a net profit of $2.91 billion, or $0.51 per share, in the second quarter of 2025. Excluding special items such as restructuring costs and intangible asset-related expenses, adjusted earnings per share were $0.77, beating the analyst consensus of $0.68. The company maintained its full-year adjusted earnings per share forecast of $2.80 to $3.00.

The company also announced the second phase of its multi-year cost-saving plan, targeting cumulative savings of approximately $1.5 billion by 2029. This phase focuses on optimizing the product pipeline and adjusting production capacity to improve operational efficiency. The first phase of the cost-cutting plan is progressing well, with expected savings of $1.5 billion by the end of 2027. Additionally, Pfizer announced a separate cost-reduction initiative expected to save an extra $1 billion between 2027 and 2029. Combined with previous plans, the company aims to achieve a total of $5.7 billion in cost optimization by the end of this year.

As COVID-19 product revenue declines and several mature drugs face downward pressure, Pfizer is increasing long-term investment in its pipeline. A key recent move was the $10 billion acquisition of Metsera, a biotechnology company focused on obesity, underscoring the company's strategic shift. Investors are closely watching several pivotal clinical data releases expected this year, including results from a combination therapy involving a GLP-1 injection and an amylin drug.