Pfizer beats profit estimates on demand for new drugs, COVID products

Bengaluru: Pfizer Inc on Tuesday beat analysts' estimates for first-quarter profit on strong demand for its newly acquired drugs and steady demand for its COVID products, sending its shares up nearly three per cent before the bell. The company has said it expects 2023 to be a "transition year" for its COVID products, before potential returning to growth in 2024.

Sales of its COVID-19 vaccine Comirnaty were $3.06 billion in the first quarter, topping estimates of $2.37 billion, according to Refinitiv data. Antiviral treatment Paxlovid sales came in at $4.07 billion, also beating estimates of $3.13 billion.

The company said it expects significantly lower sales contributions from COVID products in the second quarter from the first quarter. Excluding COVID products, Pfizer said first-quarter revenue was mostly driven by recently acquired products, including migraine drug Nurtec ODT and sickle cell disease treatment Oxbryta.

Excluding items, the US drugmaker earned $1.23 per share for the three months ended March 31, compared with estimates of 98 cents, according to Refinitiv estimates. The drugmaker reaffirmed its annual profit forecast of $3.25 to $3.45 per share.

Pfizer also maintained its annual COVID products revenue forecast of about $21.5 billion from both the vaccine and the pill.