(Reuters) -Pfizer on Tuesday lifted its full-year profit forecast for the second time in a row as robust demand for its blockbuster heart treatment and blood thinner helped it post third-quarter earnings above expectations.
Shares of the drugmaker, which have fallen about 7% so far this year, rose 1.5% in premarket trading.
The upbeat results and outlook come as Pfizer is engaged in a public legal fight with Novo Nordisk over obesity-drug developer Metsera.
Novo Nordisk recently launched an unsolicited, higher bid for Metsera, which had already agreed to an acquisition by Pfizer. Pfizer’s September deal had valued Metsera at up to $7.3 billion.
Pfizer has filed two lawsuits against Metsera, its board, and Novo Nordisk, alleging breach of contract and antitrust violations. A hearing for one of the lawsuits is scheduled to take place later on Tuesday.
Novo has rejected Pfizer’s allegations and said it closely adhered to all of the restrictions under the Pfizer merger agreement.
On an adjusted basis, Pfizer earned 87 cents per share in the reported quarter, compared with analysts’ expectations of 63 cents per share, per data compiled by LSEG.
The company said it expects adjusted earnings of $3.00 to $3.15 per share, up from its prior view of $2.90 to $3.10.
(Reporting by Mrinalika Roy and Christy Santhosh in Bengaluru; Editing by Saumyadeb Chakrabarty)
Brought to you by www.srnnews.com
