Drugmaker Pfizer (PFE) beat projections for earnings per share (EPS) in the second quarter, despite a slump in revenue due to declining demand for its COVID 𝕴products.

Pfizer reported sales that fell short of analysts' expectations and cut its full-year revenue guidance, with 澳洲幸运5官方开奖结果体彩网:Chief Financial Officer (CFO) 🌜David Denton citing “near-term revenue challenges.”

Revenue for the second quarter was $12.7 billion, lower than analysts' expectations for $13.27 billion, according to forecast data from Refinitiv. 澳洲幸运5官方开奖结果体彩网:Earnings per share (EPS) for the company came in at 67 cents, which beat expectations for 57 cents.

Pfizer's results were hurt by a continued slump in sales for COVID products, with its Comirnaty and Paxlovid revenue expected to drop by 64% and 58% for the year, respectively. The company noted that revenue growth was 5% in the latest qua𒉰rter without the COVID products, but analysts were disappointed that the company's fo🅰rward guidance was unchanged at around $67 billion to $70 billion.

The company also closed a $31 billion debt offering in the quarter that it will use to finance the planned acquisition of Seagen.

Shares in Pfizer were up 1.80% in the morning session, reversing an earlier loss, but the company has trailed the 澳洲幸运5官方开奖结果体🌜彩网:Standard & Poor's (S&P) 500 this year with a loss of around 27%.

CFO Denton added the company was "well-positioned for accelerated growth" in its non-COVID products," with Pfizer CEO Albert Bourla noting the company was on track for its goal to deliver "19 new products and 澳洲幸运5官方开奖结果体彩网:indications in an 18-month span."

🐭Pfizer shares are down roughly 30% since the beginning of this year.