Pfizer $PFE (-0,73 %)
tops estimates in Q2, raises FY2024 outlook

Pfizer $PFE (-0,73 %) shares gained 4.1% premarket today after the company topped expectations with its second quarter results and raised its full-year outlook, driven by strength in its oncology portfolio and continued efforts towards realigning its cost base.

The pharma giant generated adjusted earnings of $0.60 a share on revenue of $13.28B that grew 2.2% year-over-year. However, the Q2 reported diluted EPS was unfavorably impacted by $0.18 resulting from a $1.3B one-time restructuring charge related to the multi-year cost reduction program.

This marked Pfizer’s first quarter of topline revenue growth, on a year-over-year basis, since the fourth quarter of 2022 when COVID revenues peaked.

SRC : Seeking Alpha Premium