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.The company’s stock rose 1.5% in premarket trading in New York Tuesday as investors look for good news after a decline in demand for the company’s Covid products forced the drugmaker to reshape its business.

Pfizer raised its full-year profit forecast on Tuesday while reporting second-quarter results that topped Wall Street estimates, and said it expects to benefit from cost-cutting and a weaker dollar.

STORY: Pfizer raised its full-year profit forecast on Tuesday (August 5).It said it expects to benefit from cost-cutting and a weaker dollar.The drugmaker's shares have lost more than half their value from their pandemic-era highs.