Pfizer reported a first-quarter revenue of $14.88 billion, a 20% decrease from the same period last year, primarily due to a decline in Covid product sales. Despite the revenue drop, the company’s earnings per share came in at 82 cents, excluding certain items, exceeding analysts’ expectations of 52 cents. Pfizer’s profit received an 11 cents per share boost from a $771 million final adjustment related to Paxlovid returns by the U.S. government. The company’s strong sales of non-Covid products and ongoing cost-cutting initiatives contributed to the positive financial results. Notably, Pfizer remains on track to deliver at least $4 billion in savings by year-end, providing confidence in its business outlook. However, Pfizer shares have faced a downturn in 2023 due to reduced demand for its Covid-related products, leading to a revised revenue forecast and inventory-related charges. Additionally, setbacks in the launch of a new RSV shot and a twice-daily weight loss pill have contributed to the decline. Despite these challenges, Pfizer’s focus on treating cancer and its strong financial performance provide optimism for the future.
Pfizer Reports Strong Q1 Sales, Raises Full-Year Profit Outlook
