Pfizer lifts annual profit forecast on strong sales of cancer, heart drugs

Quarterly sales grew 3% to $13.3bn (€12.3bn), marking its first quarter of sales growth since covid revenue peaked in late 2022

Pfizer raised its full-year sales forecast for its covid antiviral drug, Paxlovid, made in Ringaskiddy, Cork by $500m (€462.6m) to $3.5bn (€3.2bn). Picture: David Creedon

Pfizer, which is dealing with a sharp revenue drop from covid products, raised its annual profit forecast on Tuesday, helped by new cancer treatments acquired through its $43bn (€39.7bn) deal for Seagen and strong sales of its heart disease drug.

The market for pharmaceutical products used in managing covid-19 has shrunk by billions of dollars a year, including for Pfizer's vaccines and treatments.