Shares of pharmaceutical giant Pfizer rose in premarketing trading Tuesday after it reported better-than-expected second-quarter earnings and raised its revenue outlook for 2020, despite a 32% drop in profit as demand fell for some of its drugs during the coronavirus pandemic.

The company reported adjusted earnings of 78 cents per share during the three months ended June 30, higher than the 66 cents per share projected by analysts surveyed by Refinitiv. Revenue fell 11% to $11.8 billion from $13.26 billion during the same quarter last year, but Wall Street saw it as good news since it was more than the $11.5 billion analysts expected.

On an unadjusted basis, net income fell to $3.43 billion in the quarter, down from $5.05 billion a year ago.

The company raised its full-year outlook, expecting to earn between $2.85 and $2.95 per share from a previous forecast of between $2.82 and $2.92 per share. It also expects to generate between $48.6 billion and $50.6 billion for 2020, up from its previous guidance of between $48.5 billion and $50.5 billion.

Shares of Pfizer were up more than 3% in premarket trading. 

This is a developing story. Please check back for updates.