Pfizer tops estimates, raises profit guidance even as sales fall

Core Insights - Pfizer reported third-quarter earnings and revenue that exceeded estimates, raising its full-year profit guidance due to cost-cutting measures offsetting declining sales [1] - The company became the first drugmaker to agree to sell medications at lower prices under a deal with President Trump, linking U.S. drug prices to those abroad [1] - Pfizer plans to invest $70 billion in U.S. manufacturing and research facilities as part of a three-year grace period to avoid pharmaceutical-specific tariffs [2] Financial Performance - Adjusted earnings per share were reported at 87 cents, surpassing the expected 63 cents [4] - Revenue for the quarter was $16.65 billion, slightly above the expected $16.58 billion [4] Competitive Landscape - Pfizer is engaged in a bidding war with Novo Nordisk for the acquisition of obesity biotech Metsera, filing a lawsuit against Novo Nordisk for alleged anticompetitive practices [3]