Pfizer Inc. has revised its earnings forecast for 2024, anticipating adjusted earnings per share to be between $2.75 and $2.95. This is an increase of 30 cents compared to the previous estimate of $2.45 to $2.65.
The company's first quarterly report after its public dispute with activist investor Starboard Value LP showed adjusted earnings that surpassed expectations. Pfizer also raised its revenue outlook, citing the strong sales performance of its Covid treatment, Paxlovid.
As a result of these developments, Pfizer's shares experienced a 1.1% increase in premarket trading, indicating positive investor sentiment.