Pfizer Inc. delivered stronger-than-expected second-quarter results, posting revenue of $14.65 billion and adjusted earnings of $0.78 a share, roughly 35% above Wall Street estimates. Operational growth of 10% was aided by better sales of Vyndaqel, Paxlovid and Comirnaty as well as early benefits from an expanded cost-cutting programme. Buoyed by the performance and a weaker dollar, the New York-based drugmaker lifted its 2025 adjusted earnings forecast to $2.90–$3.10 a share from $2.80–$3.00 while keeping its revenue outlook of $61 billion to $64 billion intact. Management said it remains on track to realise $7.2 billion in net savings by 2027, absorbing a one-time $0.20-a-share charge tied to a licensing deal with China’s 3SBio. Two days later, Eli Lilly and Co. also exceeded expectations, reporting second-quarter revenue of $15.56 billion, up 38% year-on-year, and adjusted earnings of $6.31 a share. The surge was driven by the diabetes and obesity therapies Mounjaro ($5.20 billion) and Zepbound ($3.38 billion), which together accounted for more than half of quarterly sales. Lilly raised its full-year revenue projection to $60 billion–$62 billion, from $58 billion–$61 billion, and lifted its adjusted earnings range to $21.75–$23.00 a share. The company cited sustained demand for its incretin franchise, favourable currency moves and higher manufacturing volumes as key factors underpinning the upgraded outlook.