09:01 AM EST, 11/04/2025 (MT Newswires) -- Pfizer ( PFE ) raised its full-year earnings outlook on Tuesday and reported better-than-expected third-quarter results despite the pharmaceutical giant recording double-digit declines in its COVID-19 products.

The company now anticipates adjusted earnings to be in a range of $3 to $3.15 per share for 2025, up from its previous guidance of $2.90 to $3.10 per share. The current consensus on FactSet is for non-GAAP EPS of $3.04.

"We raised and narrowed our full-year 2025 adjusted diluted EPS guidance, underscoring confidence in our ability to deliver strong results for our shareholders," Chief Financial Officer David Denton said in a statement.

Pfizer ( PFE ) continues to project revenue to come in between $61 billion and $64 billion for the ongoing year, while the Street is looking for $62.82 billion. The company said its outlook "absorbs" the impact of currently imposed tariffs from China, Canada and Mexico.

Last week, President Donald Trump reportedly said he would lower tariffs on China to 47% from 57%.

For the third quarter, Pfizer's ( PFE ) adjusted EPS dropped to $0.87 from $1.06 the year before, but topped the average analyst estimate on FactSet of $0.63. Revenue decreased 6% to $16.65 billion, but came in ahead of the Street's view for $16.5 billion.

"Our third-quarter performance demonstrates our continued focus on execution and financial discipline," according to Denton.

Revenue in the primary care division, which includes the company's COVID-19 vaccine Comirnaty and its antiviral treatment for the virus Paxlovid, slipped 16% to $7.65 billion. Paxlovid saw sales tumble 55% due to lower COVID-19 infections across the US and international markets and lower international government purchases, among other factors. Comirnaty fell 20% operationally mainly due to a narrower recommendation for vaccination in the US, as well as delayed approval of the new variant vaccine, according to the firm. Blood thinner medication Eliquis climbed 25% to $2.02 billion.

The company logged a 3% revenue increase in the specialty care business to $4.41 billion, including a 10% gain in the Vyndaqel family of transthyretin amyloidosis treatments. Oncology sales rose 5% to $4.25 billion, including a 13% increase in Padcev revenue.

Pfizer ( PFE ) said it remains on track to save roughly $7.2 billion in net costs by the end of 2027 from its previously announced cost-saving initiatives.