(Reuters) – Pfizer beat analysts’ estimates for first-quarter profit on Tuesday on strong demand for its newly acquired drugs and steady demand for its coronavirus products.
The company said it expects 2023 to be a “transition year” for its COVID-19 products, before a potential return to growth in 2024.
Sales of its Comirnaty COVID-19 vaccine were $3.06 billion in the first quarter, beating estimates at $2.37 billion, according to Refinitiv data.
Sales of the antiviral treatment Paxlovid totaled $4.07 billion, also beating estimates at $3.13 billion.
The company said it expected sales of anti-COVID-19 products to be significantly lower in the second quarter than in the first.
Excluding COVID-19 products, Pfizer said first-quarter revenue was driven primarily by recently acquired products, including migraine drug Nurtec ODT and sickle cell treatment Oxbryta.
Excluding one-time items, the U.S. drugmaker earned $1.23 a share for the three months ending March 31, against estimates of 98 cents, according to Refinitiv data.
Pfizer reaffirmed its forecast for annual earnings of $3.25 to $3.45 per share and for annual revenue for COVID products of about $21.5 billion for the vaccine and the pill.
Pfizer shares rose about 1% in premarket trading to $39.50
(Reporting Bhanvi Satija and Raghav Maobe in Bangalore; Nathan Vifflin, editing by Kate Entringer)
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