Pfizer lifts profit view as cuts offset flat sales outlook

Company rebuilding following decline in demand for its covid products, slashing about €6.2bn from its spending and focusing on pipeline of new medicines

Sales of Pfizer's vaccine and pill for covid came in well above estimates. Demand for those products has precipitously declined since 2022. Picture: Eamonn Farrell / © RollingNews.ie

Pfizer raised its profit forecast for the year, with the drugmaker’s ongoing cost cuts helping to make up for a lack of expected sales growth.

It follows a decline in demand for the company’s covid products, which forced the drugmaker to reshape its business.