Pfizer (NYSE:PFE) shares are trading about 1% higher in premarket 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 of Pfizer.