Investing.com --Pfizer Inc (NYSE:PFE) has reported first-quarter revenue that missed Wall Street estimates, although the drugmaker backed its full-year outlook despite flagging broader economic uncertainty.
Revenue during the period fell by 8% to $13.72 billion, compared with Bloomberg consensus forecasts of $14.01 billion. Adjusted income grew by 12% to $5.24 billion, translating to earnings per share of $0.92.
In a statement, the group added that it is on track with a drive to save $4.5 billion in net costs by the end of this year, and said it now expects to slash expenses by an additional amount of approximately $1.2 billion by the end of 2027.
“We continued to execute with focus and discipline against our strategic priorities, including strengthening our R&D organization and driving improved productivity. With the underlying strength of our business, we believe we can be agile in navigating an uncertain and volatile external environment,” said CEO Albert Bourla.
The company reaffirmed its annual guidance for revenues in a range of $61 billion to $64 billion and adjusted diluted per-share profit of $2.80 to $3.00.
However, Pfizer noted that the outlook "does not currently include any potential impact related to future tariffs and trade policy changes, which we are unable to predict at this time."
Shares in Pfizer were slightly higher in premarket U.S. trading on Tuesday.