Pfizer (NYSE: PFE) shares rose 3% in premarket trading Wednesday after the drugmaker reported Q1 earnings and revenue that beat analyst estimates.

Earnings per share (EPS) stood at $0.82, exceeding the consensus estimates of $0.53. Revenue came in at $14.9 billion, also above the consensus projection of $14.04 billion.

Meanwhile, adjusted research and development (R&D) expenses were reported at $2.48 billion, below the expected $2.66 billion. However, adjusted selling, informational, and administrative (SI&A) expenses were slightly higher at $3.45 billion compared to the forecast of $3.39 billion.

For the full year 2024, Pfizer forecasts an EPS range of $2.15 to $2.35, against a consensus of $2.21. Revenue projections range from $58.5 to $61.5 billion, compared to the anticipated $60 billion.

This guidance includes expected revenues of approximately $8 billion from Comirnaty and Paxlovid ($5 billion and $3 billion, respectively) and around $3.1 billion from legacy Seagen products.

“We delivered strong performance in our non-COVID product portfolio in the first quarter of 2024, including increased revenue from several of our recent commercial launches and acquired products, as well as robust year-over-year growth for several key in-line brands, namely the Vyndaqel family, Eliquis, and the Prevnar family,” said Dr. Albert Bourla, Chairman and CEO.

“Overall, I am encouraged by a well-executed quarter, setting the tone for the year. Pfizer’s commercial leadership is focused on data-driven opportunities across several key growth brands, both in the U.S. and internationally, and we intend to build on this positive momentum in the quarters ahead.”

By Vahid Karaahmetovic