Pfizer, Merck Beat Estimates on Eliquis, Keytruda Strength

Pfizer reported second-quarter results that exceeded Wall Street projections and adjusted its full-year revenue range higher, driven by continued demand for established medicines such as the blood thinner Eliquis and the cancer therapy Padcev. The company now projects annual sales between 60.5 billion and 62.5 billion dollars, compared with its prior range of 59.5 billion to 62.5 billion dollars. It lowered expectations for its Covid-related products to 4 billion dollars from around 5 billion dollars, reflecting the ongoing normalization of pandemic-era demand.

Revenue reached 15.03 billion dollars, up 3 percent from a year earlier and above analyst estimates of 14.41 billion dollars. On an adjusted basis, earnings came in at 77 cents per share, beating the 68 cents expected. The company maintained its full-year adjusted profit guidance of 2.80 dollars to 3 dollars per share. Eliquis generated 2.43 billion dollars in sales, a 19 percent increase that surpassed forecasts of 2.08 billion dollars. Padcev also contributed to the quarter’s gains. Pfizer recorded a net loss of 248 million dollars, or 4 cents per share, after accounting for certain charges, in contrast to net income of 2.91 billion dollars in the same period last year.

The results underscore the challenges facing large pharmaceutical companies as they move beyond the revenue surge from Covid vaccines and treatments. Pfizer’s shares rose 1.8 percent to 25.50 dollars in premarket trading. The firm has emphasized newer assets and acquisitions to offset declining Covid contributions and reduce dependence on older blockbusters. Its 10 billion dollar purchase of Metsera is positioned as a potential entry into the obesity treatment market, where growth prospects remain substantial. Management has indicated that stronger overall expansion is unlikely before 2028, highlighting the time required to integrate new products and advance the pipeline.

In the broader sector, Merck reported its own second-quarter beat the same day, with revenue of 16.61 billion dollars lifted by Keytruda sales of 8.37 billion dollars. Those figures similarly point to the importance of oncology franchises in sustaining growth across major drugmakers. For Pfizer, the Eliquis performance illustrates how established therapies can still deliver meaningful upside even as competition and patent considerations evolve. The company’s decision to narrow its Covid forecast while lifting the overall revenue floor reflects a measured recalibration rather than a return to pre-pandemic stability.

Analysts have noted that investor attention remains focused on execution across the post-Covid portfolio and on whether acquisitions like Metsera can scale quickly enough to influence results in the latter part of the decade. Pfizer’s updated guidance suggests management sees enough momentum in non-Covid areas to absorb the Covid shortfall without revising profit targets. The quarter’s outcome provides a data point in the industry’s longer transition toward diversified pipelines that must eventually replace both pandemic windfalls and aging franchises.