Pfizer Inc (NYSE:PFE, ETR:PFE) reported mixed results for the first quarter, including an earnings beat but revenue below expectations.
Revenue fell 8% from the year-ago quarter to $13.7 billion, below estimates of $14 billion.
In terms of COVID-19 product sales, revenue from the antiviral Paxlovid dropped sharply to $491 million, down 76% year-over-year. Sales of COVID-19 vaccine increased 62%, driven by higher US demand and international deliveries.
Earnings per share of $0.92 topped estimates of $0.68.
“Our overall solid first-quarter performance demonstrates our continued focus on commercial execution amid US Medicare Part D headwinds,” Pfizer chief financial officer David Denton said in a statement.
“Our focus on operational efficiency and financial discipline is driving strong results to our bottom line.”
Pfizer reaffirmed its full-year forecast for adjusted EPS in the range of $2.80 to $3 and revenue between $61 billion and $64 billion.
It also expanded its cost-reduction program, now targeting approximately $7.7 billion in total savings by 2027, up from a previous $4.5 billion target by 2025, through enhanced digital enablement, automation, and process optimization. Pfizer expects to reinvest about $500 million in savings from research and organizational restructuring into its product pipeline.
Shares of Pfizer gained around 3.4% on Tuesday morning.