Pfizer said its full-year profit should benefit from cost cuts across its research and manufacturing operations after posting higher-than-expected second-quarter earnings on Tuesday.

Pfizer increased its 2025 profit outlook by 10 cents a share to a range of $2.90 a share to $3.10 a share, citing continued cost cuts, a lower tax rate and “confidence” that strength seen in the first half of the year will continue.

Pfizer Inc. raised its profit forecast for the year, with the drugmaker’s ongoing cost cuts helping to make up for a lack of expected sales growth.