Pfizer Beats Q3 Forecasts, Raises Guidance As Activist Investor Calls For Change

Pfizer’s third-quarter revenue and adjusted profit exceeded expectations, driven by strong sales of its Covid vaccine and Paxlovid antiviral pill. Pfizer raised its full-year EPS guidance and revised revenue projections. The pharmaceutical company is also focused on delivering $4 billion in savings this year. Pfizer’s quarterly report highlights cost-cutting efforts as it seeks to recover from declines in its Covid business and share price, now at about half of its pandemic peak. Activist investor Starboard Value has pressed for operational changes, citing underperformance in investments.