(Reuters) – Pfizer Inc <PFE.N> beat analysts’ estimates for second-quarter profit on Tuesday and raised its full-year forecast, as demand for cancer drug Ibrance and blood thinner Eliquis offset lower uptake of some of its treatments in the COVID-19 pandemic.
The company raised its 2020 adjusted profit forecast to $2.28 to $2.38 per share, compared with its prior estimate of between $2.25 and $2.35.
Pfizer and German partner BioNTech SE <22UAy.F> said on Monday they would begin testing a coronavirus vaccine candidate in a late-stage study.
Pfizer’s shares rose 3% to $38.69 before the opening bell.
The U.S. drugmaker said net income fell 32% to $3.43 billion in the second quarter.
Sales of Ibrance rose 7% to $1.35 billion.
Excluding items, Pfizer earned 78 cents per share, beating the average analyst estimate of 66 cents, according to IBES data from Refinitiv.
Sales fell to $11.80 billion from $13.26 billion.
(Reporting by Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila)
The post Pfizer raises 2020 forecast as quarterly profit beats estimates appeared first on Morningology.
