Pfizer beats fourth-quarter profit estimates on strong drug demand

Feb 3 (Reuters) – Pfizer on Tuesday reported fourth-quarter profit above Wall Street forecasts as persistent demand for older drugs such as the blood thinner Eliquis helped offset declining sales of its COVID products.

The optimistic results come as Pfizer faces declining demand for its COVID-19 products and the expiration of patents on some of its older drugs, which would allow cheaper generics to enter the market.

Pfizer has already warned of the challenges it will face in the next few years and said it does not expect to return to revenue growth until 2029. The company is investing in developing blockbuster new drugs, including obesity drugs obtained through recent deals, to accelerate this recovery.

Strong demand for heart and oncology drugs helped deliver total sales of $17.56 billion in the quarter, compared to analysts’ average expectation of $16.95 billion, according to data compiled by LSEG.

On an adjusted basis, the company reported profit of 66 cents per share, compared to analysts’ estimates of 57 cents per share.

(Reporting by Sneha SK in Bengaluru; ‌Edited by Anil D’Silva)