Pfizer beats all forecast for Q3 2024 earnings and raise guidance

Pfizer $PFE (+1.18%) Non-GAAP EPS of $1.06 beats by $0.45, revenue of $17.7B beats by $2.83B

Pfizer raised its full-year profit forecast after better-than-expected sales of its COVID-19 treatment helped it beat Wall Street estimates for third-quarter earnings on Tuesday.

Shares of the U.S. drugmaker rose 3.2% to $29.81 in premarket trading.

Pfizer now expects annual profit to be in the range of $2.75 to $2.95 per share, compared to its prior forecast of $2.45 to $2.65.

On an adjusted basis, the company earned $1.06 per share, compared with the average analyst estimate of 62 cents.

Pfizer is under pressure from activist hedge fund Starboard to reverse a decline in its shares and to demonstrate concrete results of a promised turnaround.

The hedge fund has called on Pfizer's board to hold its management accountable for the company's under performance.