From CNBC: 2024-05-01 16:18:22

Pfizer beats Q1 revenue and profit expectations, raises full-year profit outlook due to cost-cutting, Paxlovid sales, and strong non-Covid product sales. Shares closed 6% higher. Q1 revenue down 20% due to Covid products decline. Adjusted EPS 82 cents vs. 52 cents expected. Revenue $14.88 billion vs. $14.01 billion expected. Pfizer confident in business growth and cost-cutting measures. Initiatives include focus on treating cancer and acquiring Seagen. Non-Covid products drive revenue growth in Q1. Pfizer’s Eliquis, Vyndaqel, and pneumococcal pneumonia vaccines see increased sales. RSV vaccine Abrysvo enters market but falls short of revenue estimates. Pfizer aims to expand RSV vaccine approval to adults 18-59 later this year.



Read more at CNBC: Pfizer (PFE) earnings Q1 2024