NEW YORK — Pfizer Inc. unveiled third-quarter earnings exceeding market expectations on Thursday, prompting the pharmaceutical giant to revise its profit forecasts upward for the year. The company’s performance was buoyed by cost-cutting measures, despite a decline in product sales during the quarter.

Pfizer now anticipates an adjusted annual profit between $3 and $3.15 per share, a revision from its prior guidance of $2.90 to $3.10. The company attributed this optimistic outlook to its strong performance, ongoing confidence in its portfolio, and successful cost-reduction strategies.

However, the results from the third quarter also included a one-time $1.35 billion expense linked to a licensing agreement with Chinese biotechnology firm 3SBio, which impacted earnings by approximately 20 cents per share. Pfizer’s updated guidance similarly takes into account current tariffs imposed by the administration, while omitting potential pharmaceutical tariffs that could arise, thanks to a recently established drug pricing agreement.

Revenue projections remain steady at between $61 billion and $64 billion for the year. For the third quarter, Pfizer reported adjusted earnings per share of 87 cents, surpassing the anticipated 63 cents. Revenue totaled $16.65 billion, slightly edging out estimates of $16.58 billion but reflecting a 6% drop from the same quarter last year, largely due to decreased demand for its COVID-19 vaccine and Paxlovid treatment.

The company’s net income stood at $3.54 billion, equivalent to 62 cents per share, down from $4.47 billion or 78 cents per share a year earlier. Excluding specific one-time expenses, Pfizer’s earnings were in line with expectations.

Looking ahead, Pfizer confirmed its commitment to trim costs by approximately $7.7 billion by the end of 2027 through two significant initiatives. This includes a $4.5 billion reduction targeted by the conclusion of 2025.

The announcement came shortly after Pfizer became the first pharmaceutical company to sign a deal with the current administration, agreeing to reduce drug prices while simultaneously planning a substantial $70 billion investment to bolster domestic manufacturing and research operations.

Amid these developments, Pfizer is also engaged in a competitive bidding process for the biotech Metsera, escalating a rivalry with Novo Nordisk. Recently, Pfizer filed its second lawsuit against its competitor, alleging that Novo Nordisk’s attempts to outbid for Metsera are anti-competitive.

As the pharmaceutical industry continues to navigate shifting market dynamics, Pfizer’s proactive strategies reflect its efforts to maintain a strong foothold in the evolving landscape. The coming months will be critical as the company seeks to enhance profitability and respond to various external pressures.