On Tuesday, Pfizer Inc ( PFE ). reported third-quarter adjusted EPS of $1.06, a turnaround from loss of 17 cents a year ago, beating the consensus of $0.62.

The U.S. drugmaker reported sales of $17.70 billion, up 31% year-over-year (up 32% operationally), beating the consensus of $14.95 billion.

The increase was primarily led by growth contributions from Paxlovid and several acquired products, key in-line products, and recent commercial launches.

Excluding contributions from Paxlovid and Comirnaty (COVID-19 products), revenues totaled $13.6 billion, an increase of $1.7 billion, or 14%, operationally.

Third-quarter 2024 Paxlovid revenues of $2.7 billion increased $2.5 billion operationally compared with the prior-year quarter, primarily due to strong demand, particularly in the U.S., driven by higher utilization during a recent global COVID-19 wave; the one-time contractual delivery of one million treatment courses to the U.S. Strategic National Stockpile in the third quarter of 2024.

Comirnaty revenues of $1.4 billion increased by 9%, driven primarily by the timing of stocking due to earlier approval of the new variant vaccine in the U.S. in 2024 compared to 2023, partially offset by lower contractual deliveries and demand in international markets.

Vyndaqel family drugs generated sales of $1.45 billion, up 62%. Eliquis, a blood thinner drug, generated sales of $1.62 billion, up 8%.

Global revenues of $854 million came from legacy Seagen, acquired in December 2023.

Guidance: Pfizer ( PFE ) updates its 2024 revenue forecast to $61 billion-$64 billion compared to prior guidance of $59.5 billion-$62.5 billion and consensus of $61.16 billion.

The company's updated guidance includes approximately $10 billion (vs. $8.5 billion expected earlier) in anticipated revenues for Comirnaty and Paxlovid, approximately $5 billion and $5.5 billion ($3.5 billion expected earlier), respectively.

Including the contribution from Seagen and excluding revenues from Comirnaty and Paxlovid, Pfizer ( PFE ) expects full-year 2024 operational revenue growth of 9% to 11% compared to 2023 revenue. This growth guidance considers the reduction of sales associated with the previously announced global withdrawal of Oxbryta.

Pfizer Expects 2024 adjusted EPS of $2.75-$2.95 compared to prior guidance of $2.45-$2.65 and consensus of $2.65.

Price Action: At the last check on Tuesday, PFE stock was up 2.04% at $29.45 during the premarket session.

Read Next:

Surgical Robotics Provider PROCEPT BioRobotics' Q3 Earnings Beats Street View, Analyst Optimistic About Upside Potential