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Pfizer hiked its full-year adjusted profit guidance on its cost cuts and strong business performance this year.
The company also reported second-quarter results that topped Wall Street’s estimates for the period.
The results come as Pfizer and other drugmakers grapple with President Donald Trump’s calls to lower U.S. drug prices and brace for his planned tariffs on pharmaceuticals.

Exterior view of the Pfizer headquarters building on January 29, 2023 in New York City.
View Press | Corbis News | Getty Images

Pfizer on Tuesday hiked its full-year adjusted profit guidance on cost cuts and its strong business performance this year.
The company also reported second-quarter results that topped Wall Street’s estimates for the period, as revenue from its Covid products and some other drugs jumped.

Shares of Pfizer rose more than 2% in premarket trading on Tuesday.
Pfizer now expects full-year adjusted profit to come in between $2.90 and $3.10, up from previous guidance of $2.80 to $3 per share. The company maintained its 2025 revenue forecast of $61 billion to $64 billion.
“We raised our full-year 2025 Adjusted diluted EPS guidance, demonstrating confidence in our ability to execute against our strategic priorities and deliver strong results for shareholders,” Pfizer CFO David Denton said in a release. 
The full-year outlook includes a one-time charge of $1.35 billion, or 20 cents per share, related to the company’s licensing deal with 3SBio, a Chinese drugmaker, to develop and sell its cancer treatment outside of China. That charge will be recorded in the third quarter, Pfizer said. 
The results also come as Pfizer and other drugmakers grapple with President Donald Trump’s calls to lower drug prices in the U.S. and brace for his planned tariffs on pharmaceuticals imported into the country.

Pfizer’s outlook accounts for Trump’s currently imposed tariffs on China, Canada and Mexico, as well as potential drug price changes this year based on a letter from the president last week calling on Pfizer to take steps to lower drug prices by Sept. 29. The letter came after Trump in May signed an executive order reviving a controversial plan, the “most favored nation” policy, that aims to slash drug costs by tying the prices of some medicines in the U.S. to the significantly lower ones abroad.
Pfizer’s release on Tuesday did not provide specific costs for those factors. In April, Pfizer executives said the company’s 2025 guidance at the time included $150 million in expected costs from Trump’s existing tariffs, but not sector-specific levies.
Here’s what the company reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG: 

Earnings per share: 78 cents adjusted vs. 58 cents expected
Revenue: $14.65 billion vs. $13.56 billion expected

For the second quarter, Pfizer booked net income of $2.91 billion, or 51 cents per share. That compares with net income of $41 million, or 1 cent per share, during the same period a year ago. 
Excluding certain items, including restructuring charges and costs associated with intangible assets, the company posted earnings per share of 78 cents for the quarter.
Pfizer reported revenue of $14.65 billion for the second quarter, up 10% from the same period a year ago.
The results come after Pfizer in April expanded its cost-cutting efforts, which aim to help the pharmaceutical giant recover from the rapid decline of its Covid business and stock price over the past few years. With the added cuts announced in April, Pfizer now expects to deliver around $7.7 billion in savings by the end of 2027 from two separate cost-cutting programs.

Strength from Covid products, other drugs

The company said the increase in sales was primarily driven by higher revenues for several products, including Pfizer’s Vyndaqel drugs, which are used to treat a certain type of cardiomyopathy, a disease of the heart muscle. 
It also includes Pfizer’s Covid products. The company’s Covid vaccine, Comirnaty, booked $381 million in revenue for the second quarter. That’s up 96% from the year-earlier period due to Pfizer’s higher market share in the Covid shot market and more contractual deliveries in certain international markets. 
Analysts expected the shot to rake in $205.3 million in sales for the quarter, according to StreetAccount estimates.

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Pfizer’s antiviral Covid pill Paxlovid posted $427 million in sales for the second quarter. That’s up 70% from the same period a year ago, primarily due to a higher U.S. net price for the pill, among other factors. That sales increase was offset by lower Covid infections across the U.S. and certain international markets, and lower international government purchases of Paxlovid. 
Analysts expected the shot to rake in $259.1 million in sales for the period, StreetAccount estimates said.
Pfizer’s bladder cancer drug Padcev and blood thinner Eliquis, which it shares with Bristol Myers Squibb, also contributed to revenue growth. Both topped analysts’ estimates for the period. 
The company’s revenue growth was offset by lower sales from its breast cancer drug Ibrance. The drug had a lower U.S. net price largely due to the impact of higher manufacturer discounts from provisions of the Inflation Reduction Act that redesign Medicare Part D benefits, as well as generic competition and the timing of shipments in certain international markets.

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Yum Brands on Tuesday reported quarterly earnings and revenue that missed analysts’ expectations.
Pizza Hut and KFC reported U.S. same-store sales declines.
Taco Bell, the jewel of Yum’s portfolio, reported same-store sales growth of 4%.

Piotr Swat | Lightrocket | Getty Images

Yum Brands on Tuesday reported quarterly earnings and revenue that missed analysts’ expectations as Pizza Hut and KFC reported U.S. same-store sales declines.
Here’s what the company reported for the period ended June 30 compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

Earnings per share: $1.44 adjusted vs. $1.46 expected
Revenue: $1.93 billion vs. $1.94 billion expected

Yum reported second-quarter net income of $374 million, or $1.33 per share, up from $367 million, or $1.28 per share, a year earlier.
Excluding refranchising gains and other items, the company earned $1.44 per share.
Net sales climbed 10% to $1.93 billion. Digital transactions, which include mobile app, delivery and kiosk orders, accounted for 57% of the company’s system sales.
Yum’s same-store sales, which only tracks the metric at restaurants open at least 12 months, rose 2% during the quarter.
“I’m proud that Yum Brands delivered another strong quarter in a tough consumer environment,” CEO David Gibbs said on his final conference call before his retirement. CFO Chris Turner will succeed him as chief executive on Oct. 1.

For the second quarter, KFC reported same-store sales growth of 2%, lifted by its international restaurants. The fried chicken chain counts China as its biggest market.
But domestically, KFC’s struggles continue. Its U.S. same-store sales slid 5%. Last year, the chain dropped from the No. 3 chicken chain in the U.S. by sales to No. 5, falling behind Raising Cane’s and Wingstop.
Executives said Tuesday that KFC’s value messaging and new menu items haven’t resonated with consumers.
Yum has responded by shaking up the chain’s leadership; in March, Scott Mezvinsky took the reins as KFC’s CEO, and in April, Catherine Tan-Gillespie took over as president of KFC U.S.
Globally, Pizza Hut’s same-store sales fell 1%, hurt by weaker demand in its home market. Like KFC, Pizza Hut saw its U.S. same-store sales fall 5% during the quarter. The chain is facing increased competition from its rivals as many consumers dine out less often.
Gibbs said that Pizza Hut’s U.S. sales also faltered because of an “insufficient value message,” but the chain’s leadership is already addressing that with new promotions.
Taco Bell, the jewel of Yum’s portfolio, reported same-store sales growth of 4%, helped by the reintroduction of its Crispy Chicken Nuggets and the launch of new Crispy Chicken products.
Taco Bell’s chicken sales have climbed 50% over the last two years, according to Gibbs. The chain has also been gaining market share from fast-casual restaurants and fast-food rivals.
“Most people are reporting negative quarters. We haven’t even had a negative week for Taco Bell,” Gibbs said.
The chain’s growing international business also saw same-store sales increase 4% during the quarter.
Yum’s total restaurant count rose 3%, lifted by 871 location openings in the quarter. That growth was driven primarily by international KFC openings.
This story is developing. Please check back for updates. More

President Donald Trump told CNBC’s “Squawk Box” that planned tariffs on pharmaceuticals imported into the U.S. could eventually reach up to 250%, the highest rate he has threatened so far.
He said he will initially impose a “small tariff” on pharmaceuticals, but then in one year to a year and a half “maximum” he will raise that rate to 150% and then 250%.

U.S. President Donald Trump talks to members of the press at Lehigh Valley International Airport in Allentown, Pennsylvania, U.S., August 3, 2025.
Ken Cedeno | Reuters

President Donald Trump told CNBC’s “Squawk Box” on Tuesday that planned tariffs on pharmaceuticals imported into the U.S. could eventually reach up to 250%, the highest rate he has threatened so far.
He said he will initially impose a “small tariff” on pharmaceuticals, but then in a year to a year and a half “maximum,” he will raise that rate to 150% and then 250%.

The president has repeatedly threatened and then changed course on tariff proposals, so there’s no guarantee he will eventually set pharmaceutical tariffs at the 250% rate. In early July, Trump had threatened 200% tariffs on pharmaceuticals.
The Trump administration in April initiated a so-called Section 232 investigation on pharmaceutical products. That’s a legal authority that allows the secretary of Commerce to investigate the impact of imports on national security.
The tariffs are the president’s bid to incentivize drug companies to move manufacturing operations to the U.S. at a time when domestic drug manufacturing has shrunk dramatically over the last few decades. Over the last six months, companies like Eli Lilly and Johnson & Johnson have announced fresh U.S. investments to build goodwill with the president.
“We want pharmaceuticals made in our country,” Trump told CNBC.
The planned levies would deal a blow to the pharmaceutical industry, which has warned that the tariffs could drive up costs, deter investments in the U.S. and disrupt the drug supply chain, putting patients at risk. Drugmakers are already navigating the fallout from Trump’s drug pricing policies, which they argue threaten both their bottom lines and their capacity to invest in research and development.

That includes Trump’s executive order in May that revives a controversial plan, the “most favored nation” policy, that aims to slash drug costs by tying the prices of some medicines in the U.S. to the significantly lower ones abroad.
On Tuesday, Trump told CNBC that he “invoked” the “most favored nations” policy and that it will have a “tremendous impact on the price of medicine.” But Trump has not officially implemented any changes from the executive order.
Trump last week sent letters to 17 drugmakers calling on them to commit to steps to lower U.S. drug prices by Sept. 29. That includes agreeing to provide their full portfolio of existing medicines at the lowest price offered in other developed nations to every single Medicaid patient, among other steps.
Some pharmaceutical companies have said they are reviewing the letters. More

Alaska Airlines is adding daily service from Seattle to London Heathrow and Reykjavik, Iceland, next May.
The flights are in addition upcoming service from Seattle to Rome and Seoul, South Korea. It recently launched Seattle–Tokyo service.
The carrier plans to have at least 12 nonstop intercontinental flights from Seattle by 2030.

A sample of Alaska Airlines’ new livery for its Boeing 787-9 Dreamliners.
Source: Alaska Airlines:

Alaska Airlines is starting flights from Seattle to London and Reykjavik, Iceland, next May, adding to its global expansion following its acquisition of Hawaiian Airlines last year.
Alaska plans to fly daily between Seattle and London’s Heathrow Airport on its Boeing 787-9 Dreamliners, in a bet on both business and leisure travel demand. Seattle-Reykjavik will be served by a 737 Max 8 as a spring and summer seasonal service, for the roughly seven-hour flight.

The carrier in June announced it plans to start nonstops between Seattle and Rome next year. A few weeks later, rival Delta Air Lines, said it, too, plans to fly between Seattle and Rome, as well as Barcelona, Spain. International travel, especially for premium seats, has held up better than U.S. domestic demand, where the market is oversupplied.
Alaska is also planning to start flights between Seattle and Seoul, South Korea, in September. Its daily service to Tokyo’s Narita International Airport began in May.
The carrier plans to have at least 12 intercontinental nonstops from its home hub of Seattle.

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The airline also unveiled a new livery for its Boeing Dreamliners. New 787-9s coming off the factory lines will get the fresh paint scheme, which the airline says was inspired by the northern lights.
When it acquired Hawaiian, which already had wide-body planes in its fleet for long-haul flights over the Pacific, Alaska said it would keep the two brands, which will remain on many aircraft.
“They will remain unchanged as essential elements of our brands’ legacies and history,” Alaska said Tuesday.

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Shares of American Eagle surged 23% on Monday after President Donald Trump complimented the retailer’s marketing campaign with actress Sydney Sweeney.
The retailer partnered with the “Euphoria” star for its fall marketing campaign but the ads have been panned as sexist.
It’s unclear if the discourse has had a positive or negative impact on American Eagle’s sales, which are expected to be down 5% this quarter.

An American Eagle advertisement featuring actress Sydney Sweeney on billboards in New York, US, on Monday, Aug. 4, 2025.
Michael Nagle | Bloomberg | Getty Images

Shares of American Eagle surged more than 23% on Monday after President Donald Trump complimented the retailer’s marketing campaign with actress Sydney Sweeney.
“Sydney Sweeney, a registered Republican, has the ‘HOTTEST’ ad out there. It’s for American Eagle, and the jeans are ‘flying off the shelves.’ Go get ’em Sydney!” Trump wrote on his social media site Truth Social not long after markets opened. 

Shortly after Trump’s post, shares of American Eagle jumped. Monday’s gains come a little over a week after American Eagle first announced that the “Euphoria” star would headline its fall marketing campaign with the slogan: “Sydney Sweeney has great jeans.”
Initially, the stock rose in an apparent bout of meme stock mania, but over the past week, shares of the company have been down as American Eagle has faced criticism about the campaign. That slump rebounded on Monday when Trump weighed in on the discourse.
The slogan American Eagle chose for the campaign — “Sydney Sweeney has great jeans” — has led some far-left critics to say the remark was a double entendre. Instead of being about pants, it was really about the actress’ genetics and the fact that she has blonde hair and blue eyes, critics said. The ad also faced pushback more widely for being overly sexualized and out of touch, reminiscent of previous marketing norms that many say no longer resonate with the public. 
American Eagle has stayed largely quiet on the matter — releasing a brief statement on its Instagram account on Friday that said the slogan “is and always was about the jeans.” 
“We’ll continue to celebrate how everyone wears their AE jeans with confidence, their way,” the company said. “Great jeans look good on everyone.”

The saga highlights the tightrope that marketers are walking when deciding what types of ads to run and the audiences they should be targeting when consumer attention is harder than ever to win and maintain. Bud Lite’s ill-fated Dylan Mulvaney collaboration and the subsequent impact on its sales and its parent company’s stock price, highlighted how things can go wrong when companies release marketing that some may consider “woke.” On the other hand, American Eagle’s campaign is now showing the other side of that coin – what can happen when a company releases marketing that isn’t “woke” and perhaps more accepted on the cultural right. 
In the lead-up to American Eagle’s campaign with Sweeney, the company has been struggling to grow sales, and the marketing blitz is one of the many things it’s doing to reverse that negative slump.
It’s too early to say if the campaign has positively or negatively impacted sales, but it has made American Eagle more top of mind with shoppers. Google trend data shows search interest for American Eagle is at its highest level in more than 20 years. Whether or not that search interest translates to more shoppers buying jeans from American Eagle will be more clear when the retailer reports earnings, which is expected in the next few weeks.
As of Friday’s close, shares of American Eagle were down more than 27% so far this year as the company grapples with larger macroeconomic concerns related to tariffs, consumer spending and its own merchandising missteps. 
Earlier this year, the company said it would take a $75 million write-down in spring and summer merchandise after it pulled its full-year guidance due to slow sales, steep discounting and a volatile macroeconomic environment.
For its current quarter, American Eagle said in May that it expects revenue to fall 5%, comparable sales to be down 3% and gross margin to be lower compared with the prior year. Its operating income for the second quarter is expected to be between $40 million and $45 million.

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Boeing’s fighter-jet factory workers went on strike after turning down a new contract offer.
The roughly 3,200 workers began their strike, the union’s first since 1996, early Monday.
Boeing had offered 20% wages increases, a $5,000 bonus and other improvements.

Workers picket outside the Boeing Defense, Space & Security facility in Berkeley, Missouri, US, on Monday, Aug. 4, 2025.
Neeta Satam | Bloomberg | Getty Images

Some 3,200 Boeing defense unit workers went on strike for the first time in almost three decades early Monday after turning down a contract offer with the company.
Boeing had offered a 20% wage increase, a $5,000 ratification bonus and other improvements. Its latest offer, which the workers voted down Sunday, included wage increases for employees at the top of the pay scale, and improved retirement benefits, according to their union, the International Association of Machinists and Aerospace Workers District 837.

It marks the union’s first strike since 1996.
“IAM District 837 members have spoken loud and clear, they deserve a contract that reflects their skill, dedication, and the critical role they play in our nation’s defense,” said Tom Boelling, IAM District 837 directing business representative. “We stand shoulder to shoulder with these working families as they fight for fairness and respect on the job.”
Boeing didn’t immediately comment.
The workers assemble and maintain F-15 fighter jets as well as missile systems.

Read more CNBC airline news

Boeing CEO Kelly Ortberg brushed off the effects of a then-potential strike when the company reported results last week.

“We’ll manage through this. I wouldn’t worry too much about the implications of the strike. We’ll manage our way through that,” he said on an earnings call on Tuesday.
Boeing’s defense unit accounted for about 30% of the company’s $42 billion in revenue in the first half of this year.
Monday’s strike follows a bigger work stoppage last year, when more than 32,000 unionized machinists who build commercial aircraft walked off the job after failed contract talks last year.
Boeing’s commercial airplane factory workers ended a seven-week strike that hobbled the company’s aircraft output in November, after approving a contract with 38% raises over four years and other improvements. More

“Business has been forced to adjust itself to staggering acceleration in the rate of change,” observed McKinsey, a consultancy, in a promotional pamphlet it published in 1940. “What period in history has ever presented more difficult problems for the executive?” Naturally, demand for McKinsey’s advice was soaring, it wrote. More

The Ultra High Net Worth Institute recently unveiled its “Wealthesaurus”— a list of over 80 terms commonly used and abused in the wealth management business.
The competition for ultra-wealthy investors and family offices has grown fierce among private banks, wirehouses, registered investment advisors, private equity firms and boutiques.
But some terms are used indiscriminately, making it hard for clients to navigate an industry already impenetrable for nonfinancial experts.

Senior woman looking on cell phone at sidewalk cafe.
Yuliya Taba | E+ | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
A leading advisory group to the wealth management industry has launched a crowdsourced list of wealth terms it hopes will reduce confusion and marketing hype.

The Ultra High Net Worth Institute, a nonprofit focused on improving services to wealthy families and investors, recently unveiled its “Wealthesaurus” — a list of over 80 terms commonly used and abused in the wealth management business. The list, which will be continually updated and expanded based on input from wealthy investors and advisors, aims to define the new language of wealth management and create accepted standards for communicating with clients.
“There are a lot of garbage terms, a lot of marketing terms being tossed around,” said Jim Grubman, content and curriculum chair at the Ultra High Net Worth Institute and the founder of Family Wealth Consulting. “The motivation on a lot of this is to counteract some of the BS in the field.”
The need for a credible wealth Wikipedia follows an explosion of gimmicks, false labels and misleading hype in the business of managing the fortunes of the wealthy.
In 2024, households worth $5 million or more controlled an estimated $49 trillion in financial wealth, more than half of the nation’s total, according to Cerulli Associates. With assets growing fastest at the top of the wealth ladder, the competition for ultra-wealthy investors and family offices has grown fierce among private banks, wirehouses, registered investment advisors, private equity firms and boutiques. With that growth has come a barrage of inflated brand language.
Terms like “family office services,” “holistic advice” and “assets under advisement” are used indiscriminately, making it harder than ever for clients to navigate an industry already impenetrable for nonfinancial experts.

One of the most egregious violations is the term “multifamily office.” Traditionally, a multifamily office is a single family office that’s expanded to serve a small number of outside families or family members. Today, dozens of RIAs, boutique managers and even large advisory firms call themselves multifamily offices, trading off the exclusivity and bespoke services implied by a true family office.
“Some industry observers believe the term has no established basis and should never be used,” according to the Wealthesaurus entry for multifamily office. “Most professionals simply recognize that the term has had growing recognition over the past thirty years, even if there is inadequate validity or consistency in its use.”

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To comply with the Wealthesaurus definition, multifamily offices need four specific attributes, from certain clients (at least 10 complex, multigenerational families with a median net worth of at least $30 million) to specific services, service delivery (no conflicts of interest) and experience.
Another contentious term is “assets under advisement.” Firms often toss around asset terms to appear to manage more client money than they actually do. Some firms use “assets under management (AUM),” while others say “assets under advisement (AUA)” and others tout “assets under administration (AUAdmin).” Clients rarely know the difference.
The Wealthesaurus gives highly specific definitions of each, with the focus for assets under advisement being firms that serve as fiduciaries (another debated term). It says clients should ask wealth managers specifically how they break out assets under management and assets under advisement.
“Some firms include AUM in their calculation of AUA without making it clear they are doing so, while others report AUM and AUA separately,” according to the Wealthesaurus. “To address this problem if these amounts are being evaluated, firms should be asked to explain how they calculate their AUA.”
Grubman said the idea for the Wealthesaurus started with an unexpected problem at the Ultra High Net Worth Institute. The Institute was founded in 2019 by Steve Prostano, a longtime advisory to wealthy families and private business owners, who felt that clients needed unbiased help understanding and navigating the industry. The Institute, which counts the leaders of dozens of top wealth management firms, advisory firms and specialists on its boards, also aims to promote best practices and standards in the industry.
Two years ago, the Institute started developing what it calls the Integrated Family Wealth Management Initiative, looking at the sweeping changes in the industry in recent years and how it could better serve clients. The group’s discussions hit a problem: They often couldn’t agree on certain words.
“We would use a term and someone would say ‘Um, actually I think it’s this,'” Grubman said. “And someone else would say ‘I remember from 15 years ago it was defined like that.’ It was amazing the differences people had, even around words like family enterprise.”
Grubman and Tara Kehoe, the Institute’s library manager, started compiling an internal glossary and crowdsourced definitions with members of the group. Over time, the list grew and they decided to create a public version to better help clients and firms.
They considered calling it Wealthipedia, but the name was taken so they arrived at Wealthesaurus and added a dinosaur mascot. Grubman said the Institute welcomes suggested terms and definitions from other wealth management experts and clients in hopes of expanding its use. Kehoe said engagement has been high — with new users spending an average of over seven minutes on the recently launched site.
“They’re clicking from term to term and really using the resource,” Kehoe said.
The site doesn’t aspire to be a comprehensive guide to all wealth management terms. There are no explainers on GRATS, or FLiPs or SCINS from the estate planning world, or SMAs and PPVAs in investing, or the myriad other products that make wealthy investors’ heads spin. Grubman said the Institute didn’t want to include products or terms that investors could easily look up on the web. For those kinds of product terms, the Wealthesaurus website includes links to a variety of online investing guides, including the Charles Schwab Investing Glossary and Investopedia and the SEC Glossary.
“We looked for terms that were important to the field, or where the other definitions out there were so full of jargon,” Grubman said. “Wading through the definition of assets under advisement on the SEC website is a nightmare, for instance. So we wanted to create this for clients.”
As the business of advising wealthy families increasingly cuts across industries — from trust and estate planners to accountants, real estate advisors, philanthropy consultants, aviation and fleet experts, and even concierge doctors and other specialists — the Wealthesaurus can also be a bridge between disciplines.
The Wealthesaurus even has a defined term for “ultra high net worth,” a phrase used throughout the luxury and banking worlds with little context.
The Wealthesaurus says the most common definition of “high net worth” is a client with between $5 million and $30 million. “Ultra high net worth” typically means $30 million or more. It cautioned, however, that “with inflation and the significant expansion of global wealth since 2000, more firms are considering the modern threshold to the top UHNW level to be $100 million.” More