Pfizer, Merck Beat Estimates on Eliquis, Keytruda Strength

Pfizer reported second quarter results that beat Wall Street expectations, driven largely by sales of its blood thinner Eliquis and other established medicines, even as the company lowered its full year forecast for Covid related products. Revenue reached 15.03 billion dollars, above the 14.41 billion dollars analysts had projected, while adjusted earnings per share came in at 77 cents compared with the 68 cents expected. The company raised the low end of its annual revenue guidance to a range of 60.5 billion to 62.5 billion dollars from the prior 59.5 billion to 62.5 billion dollars, citing an extra 1.5 billion dollars in non Covid sales.

Eliquis generated 2.43 billion dollars in the quarter, a 19 percent increase that far exceeded the 2.08 billion dollars analysts anticipated. Other products including the cancer drug Padcev also contributed to the gains. At the same time Pfizer trimmed its Covid vaccine and Paxlovid revenue expectation to 4 billion dollars for the year, down from an earlier target near 5 billion dollars. The company maintained its adjusted profit outlook of 2.80 to 3 dollars per share.

The results arrived against a backdrop of steep share price declines since the height of the pandemic, with Pfizer stock down more than half from those levels. Shares rose modestly in premarket trading after the report, reaching 25.50 dollars. The firm has signaled it will rely on newer medicines to offset fading demand for its Covid lineup and to lessen dependence on aging blockbusters. It recently completed a 10 billion dollar acquisition of Metsera in an effort to build a position in the obesity treatment space, though investors remain focused on whether that move will deliver meaningful growth.

Pfizer recorded a net loss of 248 million dollars, or 4 cents per share, for the quarter, a sharp reversal from the 2.91 billion dollar profit, or 51 cents per share, posted in the same period a year earlier. The company said its overall sales would still be roughly flat or slightly lower than the 62.6 billion dollars recorded in 2025. Executives have indicated they do not anticipate a return to stronger growth rates until after 2028.

The earnings beat and modest guidance adjustment come as pharmaceutical companies face questions about long term demand for products developed during the pandemic period. Pfizer has emphasized its pipeline and recent deals as the path forward, yet the data show continued pressure on the Covid franchise that once drove record results. Analysts will watch closely to see whether the shift toward newer areas such as obesity treatments can deliver the sustained revenue the company projects.