In response to the shrinking market for COVID-19 vaccines and treatments, pharmaceutical giant Pfizer Inc (NYSE: PFE) has shifted its focus towards revolutionizing cancer treatment. This strategic move has proven successful as Pfizer recently reported a 3% year-over-year revenue growth to $13.28 billion for the second quarter ended June 30th, marking its first quarter of sales growth since late 2022. Excluding COVID-related products, Pfizer's revenue saw a significant 14% operational growth.

Pfizer's positive sales growth was attributed to its cancer therapy drug Pancev, which generated $394 million in revenue, surpassing estimates of $362 million. Additionally, the heart disease drug Vyndaqel brought in $200 million, exceeding consensus estimates. The blood thinner Eliquis, co-marketed with Bristol-Myers Squibb Company (NYSE: BMY), recorded $1.88 billion in sales, representing a 7% growth year-over-year.

The strong performance was further boosted by Pfizer's newly acquired subsidiary, Seagen, which contributed $845 million in sales. This figure includes $394 million from the bladder cancer treatment Padcev and $279 million from the lymphoma-targeting drug Adectris. The net income for Pfizer amounted to $41 million, or 1 cent per share. Excluding certain items, the company's earnings per share reached 60 cents for the quarter, surpassing estimates.

Fueled by the success of its cancer treatments acquired through the Seagen deal and robust sales of its heart disease drug, Pfizer has revised its full-year earnings outlook. The company now projects earnings in the range of $2.45 to $2.65 per share, with revenue expected to fall between $59.5 billion to $62.5 billion. These revised forecasts represent a significant increase from Pfizer's previous guidance.

Pfizer has also raised its full-year sales forecast for its antiviral drug Pavloxid, used in high-risk COVID-19 cases, by $500 million to $3.5 billion. The company remains focused on stabilizing its business and achieving cost-saving targets, with a goal of saving up to $4 billion this year. Moving forward, Pfizer aims to continue its momentum in the oncology space, as it strives to make meaningful advancements in cancer treatment and solidify its position in the pharmaceutical industry.