Pfizer profits boosted by Covid-19 products, lower expenses

New York: Pfizer reported a jump in second quarter profits Tuesday behind higher sales of Covid 19 products and some other pharmaceuticals, while also...

New York: Pfizer reported a jump in second-quarter profits Tuesday behind higher sales of Covid-19 products and some other pharmaceuticals, while also benefiting from lower expenses.

The big US drugmaker raised its full-year profit forecast after easily topping analyst expectations, lifting shares.

Besides Covid-19 vaccine Comirnaty and therapeutic Paxlovid, Pfizer notched revenue increases in Vyndaqel, which is used for heart problems, and cancer medication Padcev.

Pfizer spent less on marketing and research and development.

It said profits were $2.9 billion, up from just $41 million in the year-ago period, when results were dented by restructuring costs.