Pfizer posted a net loss of $248 million in the second quarter, despite a 3% revenue increase to $15.03 billion, as growth in its oncology segment partially offset sharp declines in COVID-19 product sales. The drugmaker reported a loss of $0.04 per share, compared to a profit of $2.91 billion, or $0.51 per share, in the same period last year.

On an adjusted basis, excluding certain one-time items, earnings per share came in at $0.77, surpassing the $0.68 consensus estimate from analysts surveyed by FactSet. Revenue of $15.03 billion also exceeded expectations, with analysts forecasting $14.40 billion.

Sales growth was driven by a 2% increase in Pfizer's biopharmaceutical segment and a 7% rise in its contract development and manufacturing organization, Pfizer CentreOne. Key products like Eliquis, Padcev, Vyndaqel, and Lorbrena contributed to the revenue boost, while COVID-19 product sales declined. The cancer treatments Padcev and Lorbrena both gained market share, with sales rising 23% and 37%, respectively. In contrast, sales of Pfizer's two COVID-19 products, Paxlovid and Comirnaty, fell by 95% and 34%, respectively, due to lower infection rates and a narrower scope of vaccination recommendations.

Pfizer raised the low end of its full-year sales guidance to $60.5 billion to $62.5 billion, from the previous range of $59.5 billion to $62.5 billion. The updated outlook reflects a $1.5 billion increase in expected non-COVID product sales compared to prior estimates. The company now anticipates COVID-19 product sales of $5 billion, down from the previous forecast of $5 billion. Pfizer reaffirmed its adjusted earnings per share guidance of $2.80 to $3.00.