Pfizer raises 2020 forecast as profit beats estimates

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(Reuters) – Pfizer Inc (PFE.N) 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 (22UAy.F) 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.

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