Pfizer Inc. reported second-quarter results for the year that beat Wall Street's expectations, and the company also raised its full-year guidance in its earnings report. The company's performance was driven by cost-cutting measures, higher-than-expected sales of its new crown antiviral drug Paxlovid and strong sales of non-new crown products.

As of 11:07 GMT, Pfizer was up nearly 2% at $31.33 in pre-market trading.

For the second quarter, Pfizer's adjusted earnings per share came in at $0.60, well above expectations of $0.46. Revenue came in at $13.28 billion, beating estimates of $12.96 billion and up 2% year-over-year. Quarterly net income was $41 million, or 1 cent per share, compared with net income of $2.33 billion, or 41 cents per share, in the same period last year.

Pfizer raised its full-year guidance in light of the strong results. The company expects adjusted earnings per share to be in the range of $2.45 to $2.65, up from the previous estimate of $2.15 to $2.35. Revenue estimates were raised to $59.5 billion to $62.5 billion, up from previous estimates of $58.5 billion to $61.5 billion.

Pfizer's stellar performance stems from a massive cost-cutting program implemented by the company. Last October, Pfizer launched an extensive cost-cutting program with the goal of saving at least $4 billion by the end of 2024. In addition, the company announced a multi-year program to further reduce costs, with the first phase planning to save $1.5 billion by 2027.

In addition, Pfizer is increasing its focus on cancer care following its $43 billion acquisition of Seagen last year. This strategic move is aimed at expanding the company's presence in the oncology market to make up for declining revenues from new crown-related products.

The stellar earnings report and upwardly revised guidance suggest a favorable near-term outlook for Pfizer. The company's outperformance demonstrates its resilience and ability to manage effectively, despite the challenges facing its new crown product line. With continued cost-cutting measures and a strategic shift to oncology, Pfizer is expected to deliver sustained growth.