Pfizer earnings and revenue top expectations despite sales declines

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Pharmaceutical Pfizer Inc said an oral drug to treat COVID-19 could be available as late as 2021.

Soumyabrata Roy | NurPhoto | Getty Images

pfizer reported first-quarter revenue and adjusted earnings on Tuesday that exceeded Wall Street’s expectations despite a decline in sales due to lower demand for the company’s Covid vaccine.

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

  • earnings per share: $1.23 adjusted, versus 98 cents expected
  • Income: $18.28 billion, versus the $16.59 billion expected

The pharmaceutical giant posted net income of $5.54 billion, or 97 cents per share. He Compare compared with $7.86 billion, or $1.37 per share, for the same period a year earlier.

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

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

read the earnings release,

This is a developing story. Check back for updates.