Pfizer, the world’s largest drugmaker, said on Wednesday that it would slash its forecast for annual drug sales and boost its revenue by a whopping $3 billion in 2018.
The company’s new plan, which the company said would result in a net loss of $1.3 billion for 2018, includes $1 billion in cost savings in the second quarter and $3 million in additional savings for the year, according to the company.
Pfizer said the savings would be achieved through cost-saving initiatives.
Pfizer also expects its earnings for 2018 to be $3,000 per share, up $300 from last year’s estimate of $3 per share.
The stock has gained 9 percent since the start of 2018, which is well ahead of the average 10 percent increase over the last decade.
The pharmaceutical giant’s stock rose 1.9 percent to $1,254.83 on Wednesday.