No Surprises For Pfizer Earnings: Q1 Profit Beats Wall Street Estimates, Maintains Annual Guidance

Pfizer Inc PFE has reported a Q1 adjusted EPS of $1.23, down 24% Y/Y, beating the consensus of $0.98.

It clocked revenues of $18.28 billion, down $28.76% year-over-year, surpassing the Wall Street estimate of $16.59 billion.

Excluding contributions from COVID-19 products - Comirnaty and Paxlovid, revenues grew 5% operationally.

First-Quarter 2023 Revenues from Comirnaty and Paxlovid reached $7.1 billion.

Pfizer said first-quarter revenue was driven mainly by recently acquired products, including migraine drug Nurtec ODT and sickle cell disease treatment Oxbryta.

"We believe the strength of our in-line products and expected near-term launches and revenue contribution from business development activities, including the proposed acquisition of Seagen, will position Pfizer to deliver robust operational growth through 2025 and beyond," said Albert Bourla, Chairman & CEO.

Also Read: Equitable Vaccine Distribution: Pfizer's RSV Vaccine Might Face Some Delivery Challenges for Low-Income Countries.

FY23 Outlook: Pfizer reiterates its FY23 sales forecast of $67-$71 billion versus the consensus of $68.82 billion.

The company expects adjusted EPS of $3.25-$3.45, compared to the consensus of $3.40.

Excluding COVID-19 products, the company continues to expect 7% to 9% operational revenue growth in 2023.

Pfizer expects sales of $13.5 billion from the COVID-19 vaccine for 2023 and projected $8 billion in sales of its antiviral pill, Paxlovid.

Price Action: PFE shares are up 0.20% at $39.29 during the premarket session on the last check Tuesday.