On Tuesday, pharmaceutical company Pfizer (PFE) reported first-quarter sales of $18.28 billion, with adjusted earnings of $1.23 per share. Analysts polled by FactSet had expected earnings of 98 cents per share on $16.61 billion in sales. Comirnaty, the company’s COVID-19 vaccine, generated $3.06 billion in sales, and the antiviral pill, Paxlovid, brought in $4.07 billion. In comparison, Pfizer reported earnings of $1.62 per share and $25.66 billion in sales during the same period the previous year.
For the year, the company has forecast adjusted earnings of $3.25-$3.45 per share on sales of $67 billion to $71 billion, including $13.5 billion from Comirnaty and $8 billion from Paxlovid. Pfizer’s stock rose 0.8% in premarket trading, but has been trending downwards since December due to decreasing expectations for the company’s COVID-19 products.