Pfizer Inc. (PFE.N) surpassed analysts’ first-quarter earnings projections on Tuesday, sending its shares up about 3% before the bell.
The business anticipates 2023 as a “transition year” for COVID products before growth in 2024.
Refinitiv statistics showed first-quarter sales of its COVID-19 vaccination Comirnaty at $3.06 billion, above predictions of $2.37 billion.
Paxlovid sales were $4.07 billion, above $3.13 billion projections.
The business anticipates COVID revenues to drop sharply in the second quarter.
Pfizer said Nurtec ODT and Oxbryta drove first-quarter sales, excluding COVID products.
Refinitiv forecasts the U.S. pharmaceutical earned $1.23 per share, excluding adjustments for the three months ended March 31, compared to 98 cents.
The pharmaceutical maintained its annual earnings outlook of $3.25–$3.45 per share.
Pfizer reaffirmed its $21.5 billion COVID product sales projection from the vaccination and tablet.
