Pfizer raises 2020 forecast as quarterly profit beats estimates – ZAWYA

Pfizer raises 2020 forecast as quarterly profit beats estimates – ZAWYA

Pfizer raises 2020 forecast as quarterly profit beats estimates Pfizer's shares rose 3% to $38.69 before the opening bell    Pfizer Inc beat analysts' estimates for second-quarter profit on Tuesday and raised its full-year forecast, as demand for cancer drug Ibrance and blood thinner Eliquis offset lower uptake of some of its treatments in the COVID-19 pandemic.The company raised its 2020 adjusted profit forecast to $2.28 to $2.38 per share, compared with its prior estimate of between $2.25 and $2.35.Pfizer and German partner BioNTech SE said on Monday they would begin testing a coronavirus vaccine candidate in a late-stage study. Pfizer's shares rose 3% to $38.69 before the opening bell.The U.S. drugmaker said net income fell 32% to $3.43 billion in the second quarter.Sales of Ibrance rose 7% to $1.35 billion.Excluding items, Pfizer earned 78 cents per share, beating the average analyst estimate of 66 cents, according to IBES data from Refinitiv.Sales fell to $11.80 billion from $13.26 billion.(Reporting by Manas Mishra in Bengaluru; Editing by Sriraj Kalluvila) (([email protected]; www.twitter.com/Manasmishra24; within U.S. +1 646 223 8780, outside U.S. +91 806749 2709;)) Most Read Stock Market DataDubai FM 2,065.30325,335,440(0.19% )Abu Dhabi SE 4,324.32981,052,844(-0.15% )Saudi SE 7,459.21201,691,793(0.05% )Egypt SE 10,568.840(-0.06% )Most Active Stocks