09:33 AM EDT, 07/30/2024 (MT Newswires) -- Pfizer ( PFE ) lifted its full-year outlook on Tuesday after the pharmaceutical giant recorded better-than-expected second-quarter results, aided by double-digit revenue growth in its oncology and specialty care segments.

The company now expects adjusted earnings of $2.45 to $2.65 per share for 2024, up from its prior guidance of $2.15 to $2.35. Revenue is expected between $59.5 billion to $62.5 billion versus the previous forecast of $58.5 billion to $61.5 billion. The consensus on Capital IQ is for normalized EPS of $2.44 on revenue of $60.58 billion.

"We entered 2024 focused on delivering on our financial commitments and commercial performance," Chief Financial Officer David Denton said in prepared remarks. "With a successful first half now completed, we believe it is appropriate to update our full-year earnings outlook to reflect our strong business performance."

Pfizer ( PFE ) now estimates combined sales of its Comirnaty and Paxlovid COVID-19 products to be roughly $8.5 billion, up from the prior outlook of $8 billion.

For the three months through June 30, adjusted EPS declined 11% year over year to $0.60, but topped the Street's view for $0.46. Revenue increased to $13.28 billion from $13.01 billion the year before, surpassing analysts' $13.02 billion forecast.

"I am pleased with the strong performance of our product portfolio in the second quarter led by several of our acquired products, key in-line brands and recent commercial launches," Chief Executive Albert Bourla said in the statement. "We achieved exceptional growth in our oncology portfolio, with strong revenue contribution from our legacy-Seagen products."

In the specialty care business, revenue rose 12% year over year to $4.08 billion, driven by a 69% surge in the Vyndaqel family of transthyretin amyloid cardiomyopathy treatments. Oncology sales jumped 26% to $3.96 billion, including a 17% gain in the company's Xtandi medication for prostate cancer.

Revenue from primary care, which includes Comirnaty and Paxlovid, dropped 16% to $4.95 billion. Comirnaty's sales plummeted 87% to $195 million, while Paxlovid soared 76% buoyed in part by an increase in infections and demand in certain international markets.

Pfizer ( PFE ) incurred a one-time charge of $1.3 billion during the quarter related to its manufacturing optimization program, mainly for employee severance, Denton said. The program -- announced in May -- aims to deliver about $1.5 billion in savings by the end of 2027 under its first phase.

The company anticipates recording a roughly $400 million charge in the ongoing quarter related to the discontinuation of its Duchenne muscular dystrophy program.

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