July 30 (Reuters) - Pfizer ( PFE ), which is dealing

with a sharp revenue drop from COVID products, raised its annual

profit forecast on Tuesday, helped by new cancer treatments

acquired through its $43 billion deal for Seagen and strong

sales of its heart disease drug.

The market for pharmaceutical products used in managing

COVID-19 has shrunk by billions of dollars a year, including for

Pfizer's ( PFE ) vaccines and treatments.

Pfizer ( PFE ) CEO Albert Bourla has responded with several

acquisitions - including the Seagen deal - and cost-cutting

measures. The drugmaker has also sharpened its focus on cancer

treatments.

Pfizer's ( PFE ) quarterly sales grew 3% to $13.3 billion,

marking its first quarter of sales growth since COVID revenue

peaked in late 2022.

The quarter was helped by sales of its heart disease

drug, sold under brand names Vyndaqel or Vyndamax, cancer

therapy Padcev and COVID treatment Paxlovid.

New Jersey-based Pfizer ( PFE ) now expects annual profit to be

in the range of $2.45 to $2.65 per share, compared with its

prior profit forecast of $2.15 to $2.35 per share.

The raise was "somewhat expected, given the company's

initially conservative guide but still, we are encouraged to see

Pfizer ( PFE ) executing where it matters," BMO Capital Markets analyst

Evan Seigerman said.

Pfizer ( PFE ) also raised its full-year sales forecast for its

antiviral drug, Paxlovid, which is used in high-risk COVID

cases, by $500 million to $3.5 billion.

Vyndaqel sales came in $200 million ahead of analyst

estimates at $1.32 billion for the quarter, according to LSEG

data.

Sales of the closely watched drug, Padcev, were $394

million for the quarter, beating estimates of $362 million.

Quarterly sales of Comirnaty vaccine, which it makes

with German partner BioNTech, came in at $195 million

and Paxlovid sales were $251 million. Analysts were expecting

sales of $176 million for Comirnaty and $247.7 million for

Paxlovid.

Shares of the company's rose 1% to $31 in premarket

trading.