Pfizer (NYSE:PFE) 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.
The pharmaceutical giant’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.
Earnings per share were found to be $1.23 adjusted, vs. 98 cents expected, on revenue of $18.28 billion, vs. $16.59 billion expected
Pfizer 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 first quarter of 2022.
The company 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 decline was also due to lower U.S. government contracted deliveries as the country prepares to shift Covid products to the commercial market later this year, according to Pfizer.
Sales of Pfizer’s COVID antiviral pill Paxlovid increased $2.8 billion during the first-quarter compared with the same period last year. Pfizer said Paxlovid revenue was propelled by new launches in certain international markets and strong demand in China due to increased COVID cases.
PFE shares edged up three cents to $39.23.