Pfizer Inc. (PFE) reported first-quarter earnings on Wednesday, beating consensus estimates. Adjusted earnings per share (EPS) came in at 82 cents, down 33% year-over-year but above the consensus of 54 cents. Sales declined 20% to $14.9 billion, but still exceeded the consensus forecast of $14.2 billion. The decline in revenue was attributed to lower sales of Comirnaty and Paxlovid, as well as a negative impact from foreign exchange. Despite the mixed results, analysts maintained positive ratings and price targets for Pfizer shares. Goldman Sachs reiterated its Buy rating with a price target of $31, while BMO Capital raised its target from $33 to $36 and maintained its Outperform rating. Bank of America Securities retained a Neutral rating with a price target of $35. Goldman Sachs noted that Pfizer’s shares outperformed after the earnings and interpreted the stronger-than-expected Paxlovid results as aligning with the company’s cautious optimism regarding the near-term outlook. The company’s key takeaways included strong performance from Padcev, Prevnar, and Vindaqel, while execution with Nurtec and Oxbryta remains a challenge. Goldman also highlighted Abrysvo’s potential as a catalyst in the future. BMO Capital highlighted Pfizer’s renewed focus on oncology, RSV, and hematology, suggesting that this could be the pivot investors have been waiting for. The firm expects margin improvement and guidance that reflects well-managed expectations with room for upside on the top and bottom lines. BofA Securities remained focused on Pfizer’s six new product launches and two label expansions, with growth currently stemming from Padcev’s label expansion. However, the firm is uncertain when other important products will experience significant changes in 2024 due to reimbursement and access challenges. Pfizer shares gained 2.15% to $27.77 in Thursday’s trading.