Pfizer Raises Profit Forecast by $1.5B, Beats Earnings Amid Starboard Pressure

Oct 29, 2024, 11:02 AM

Pfizer Inc. reported better-than-expected third-quarter earnings on Tuesday, fueled by strong demand for its cancer drugs and COVID-19 treatment. The U.S. drugmaker raised its full-year profit forecast and increased its 2024 guidance by $1.5 billion, signaling confidence amid pressure from activist hedge fund Starboard Value to demonstrate a turnaround. Pfizer now expects core operating income growth in the high teens. Adjusted earnings per share were $1.06, surpassing analysts' estimates of $0.62. Revenue topped expectations at $17.7 billion versus the forecasted $14.92 billion. The positive results mark a significant moment for CEO Albert Bourla as the company faces scrutiny over its strategic direction.