Pfizer earnings and revenue top expectations despite Covid vaccine sales decline

Pfizer on Tuesday reported first-quarter revenue and adjusted earnings that topped Wall Street’s expectations, despite a decline in sales driven by the lower demand for the company’s Covid vaccine.

Pfizer’s stock edged higher in premarket trading Tuesday. Shares are down more than 23% for the year through Monday’s close, putting the company’s market value at around $221.3 billion. 

Here’s what Pfizer reported compared with Wall Street’s expectations, based on a survey of analysts by Refinitiv:

• Earnings per share: $1.23 adjusted, vs. 98 cents expected 
• Revenue: $18.28 billion, vs. $16.59 billion expected

The company posted net income of $5.54 billion, or 97 cents per share. That compares with $7.86 billion, or $1.37 per share, for the same period a year ago.

The pharmaceutical giant reported first-quarter sales of $18.28 billion, down 29% over the same period a year ago.

Sales of the company’s Covid vaccine declined $10 billion, or 75% compared with the same quarter last year. Pfizer said this was primarily driven by lower contracted deliveries and demand in international markets.

The New York-based company maintained its 2023 sales forecast of $67 billion to $71 billion. Pfizer also reiterated its full-year adjusted earnings outlook of $3.25 to $3.45 per share.

Pfizer will hold an earnings call at 10:00 a.m. ET.

Read the earnings release.

This is a developing story. Check back for updates.