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Story summary
- Pfizer Inc. posted a Q2 net loss of $248 million, or 4 cents per share.
- It lifted its full-year revenue outlook to $60.5-$62.5 billion and kept the adjusted profit forecast at $2.80-$3.00 per share.
- Pfizer added $2.5 billion in cost cuts, targeting $9.7 billion in savings through 2029 and a one-time $2 billion expense.
- A $3.8 billion impairment followed the late-stage trial failure of lung-cancer drug sigvotatug vedotin.
- Pfizer’s shares climbed 2.3% on the earnings release day.
