Pfizer (PFE) pops as robust Paxlovid sales fuel strong Q1 beat

Pfizer (NYSE: PFE) shares are trading about 1.5% higher in pre-market Tuesday after the drugmaker reported stronger-than-expected Q1 results.

Pfizer earned $1.23 per share on revenue of $18.28 billion, easily ahead of the Street at $0.98 per share on revenue of $16.64B.

Sales fell 29% year-over-year as Pfizer generated 77% less from its Covid-19 revenue. Still, the reported $3.06B in vaccine sales topped analyst estimates of $2.6B. Paxlovid revenue came in at $4.07B, crushing the $2.7B expectations.

Pfizer reaffirmed its full-year forecast for adjusted EPS of $3.35 on revenue of $69B. Paxlovid is seen generating $8B in full-year sales.

“Our first-quarter results were in line with our expectations, underlining our continued confidence in achieving 7% to 9% operational revenue growth for fiscal-year 2023, excluding our COVID-19 products and anticipated foreign exchange impacts. We expect the majority of this growth to occur in the second half of 2023, given the timing of our expected near-term launches,” said David Denton, Chief Financial Officer and Executive Vice President.

By Senad Karaahmetovic

You May Also Be Interested In

• Science Applications Int'l (SAIC) Tops Q2 EPS by 70c
• Autodesk (ADSK) Tops Q2 EPS by 18c, Beats on Revenue; Offers FY27 EPS Guidance
• PagerDuty, Inc. (PD) Tops Q2 EPS by 1c; offers guidance