Pfizer Inc surpassed analysts’ expectations for first-quarter earnings on Tuesday, thanks to robust demand for recently acquired drugs and pneumococcal vaccinations, which helped offset the impact of falling sales of its COVID-19 medications.<\/p>\n\n\n\n
The pharmaceutical company is under pressure to spend the windfall profits from strong demand for its COVID medicines during the pandemic to offset a potential patent cliff for some of its top treatments, as well as a rapid reduction in COVID-related sales.<\/p>\n\n\n\n
Pfizer anticipates that 2023 will be a “transition year” for its COVID products, with a potential return to growth in 2024.<\/p>\n\n\n\n
<\/p>\n\n\n\n
Sales of its COVID-19 vaccine Comirnaty and antiviral treatment, Paxlovid, came in at $7.1 billion for the quarter.<\/p>\n\n\n\n
Sales from its family of pneumococcal vaccines were $1.59 billion for the quarter, slightly above estimates of $1.58 billion, according to Refinitiv estimates.<\/p>\n\n\n\n
Shares of the company rose nearly 2% before the bell.<\/p>\n\n\n\n
Excluding items, the U.S. drugmaker earned $1.23 per share for the quarter ended March 31, compared with estimates of 98 cents, according to Refinitiv estimates.<\/p>\n\n\n\n
The drugmaker reaffirmed its annual profit forecast of $3.25 to $3.45 per share.<\/p>\n","protected":false},"excerpt":{"rendered":"
Pfizer Inc surpassed analysts’ expectations for first-quarter earnings on Tuesday, thanks to robust demand for recently acquired drugs and pneumococcal vaccinations, which helped offset the impact of falling sales of its COVID-19 medications. The pharmaceutical company is under pressure to spend the windfall profits from strong demand for its COVID medicines during the pandemic to …<\/p>\n","protected":false},"author":9,"featured_media":48869,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,36],"tags":[8166,7410,6879,8236],"class_list":["post-83515","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-global-stock-markets","category-market-updates","tag-omicron","tag-pfizer","tag-shares","tag-vaccines"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/83515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=83515"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/83515\/revisions"}],"predecessor-version":[{"id":83516,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/83515\/revisions\/83516"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/48869"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=83515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=83515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=83515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}