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The Economic Times

Business

Drugmaker Pfizer beats earnings estimates, targets $2.5 billion in additional cost cuts

Pfizer Obesity Cancer Metsera

Pfizer reported better-than-expected second-quarter results on Tuesday, powered by strong demand for blood thinner Eliquis and recently acquired drugs, and announced plans for an additional $2.5 billion in savings from cost cutting.

The New York-based drugmaker now expects $9.7 billion in total net savings from its cost slashing through 2029 as it seeks to offset declining COVID-related revenue and ‌restore sustainable growth.

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