Pfizer Boosts Revenue Forecast by $1.5 Billion Amid Paxlovid Rebound, Despite Criticism from Starboard

Revenue Outlook Increase:
Pfizer has increased its revenue outlook by $1.5 billion, driven by a rebound in sales of its COVID-19 treatment, Paxlovid.

Activist Investor Criticism:
The company faces criticism from activist investor Starboard, which has expressed concerns over Pfizer's financial performance and strategic direction.

COVID-19 Business Impact:
Pfizer's COVID-19 business has seen a decline in demand, leading to a need for cost-cutting measures to maintain profitability.

Cost-Cutting Program:
Pfizer has initiated a new multi-year cost-saving program aimed at generating $1.5 billion in savings by 2027, in addition to a previously announced $4 billion cost-saving plan.

Operational Revenue Growth:
Excluding COVID-19 products and Seagen revenues, Pfizer expects full-year 2024 operational revenue growth of 3% to 5%.