Pfizer swung to a second-quarter loss but posted higher revenue, as market growth in its oncology business offset some declines in its Covid-19 products.

The drug and vaccine maker on Tuesday recorded a loss of $248 million, or 4 cents a share, compared with a profit of $2.91 billion, or 51 cents a share, a year earlier.

Stripping out certain one-time items, adjusted per-share earnings were 77 cents, ahead of the 68 cents anticipated by analysts, according to FactSet.

Revenue rose 3% to $15.03 billion. Analysts surveyed by FactSet had forecast revenue of $14.40 billion.

Sales were driven by 2% growth in Pfizer's biopharma business and 7% growth in Pfizer CentreOne, the company's contract development and manufacturing organization.

Its products Eliquis, Padcev, Vyndaqel and Lorbrena helped fuel revenue growth, while its Covid-19 product sales declined. The cancer treatments Padcev and Lorbrena both gained market share, helping to boost sales 23% and 37%, respectively.

Paxlovid and Comirnaty, two of its Covid products, saw sales drop 95% and 34%, respectively. The declines were driven by lower Covid inflections and a narrower recommendation for Covid vaccination.

Pfizer raised the low end of its full-year sales guidance to a range of $60.5 billion to $62.5 billion, from $59.5 billion to $62.5 billion previously.

The new outlook reflects an expectation that Pfizer's non-Covid products will generate $1.5 billion more in sales than previously anticipated. Its Covid products are now projected to produce $4 billion in sales, down from $5 billion.

The company reaffirmed its adjusted earnings per share guidance of $2.80 to $3.