Pfizer's profits exceed expectations as activist investors emerge

Pfizer on Tuesday posted earnings results that easily beat analyst expectations in the company’s first quarterly report since an activist investor took a $1 billion stake in the drug giant and began putting pressure on the board and CEO.

Pfizer reported adjusted earnings per share, a key metric that investment banking analysts look at, of $1.06 per share, compared with expectations of $0.60 per share among analysts polled by Visible Alpha.

Total revenue for the quarter was $17.7 billion, compared to expectations of about $16 billion. Pfizer raised full-year 2024 guidance to between $61 billion and $64 billion, a 4% increase from already raised expectations in the third quarter. For the full year, adjusted earnings per share will be between $2.75 and $2.95 per share, the company said.

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