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 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 as much as 5.4% 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.

Chief Executive Albert Bourla told analysts he is hopeful about finding a solution in response to President Trump’s demands.