In This Article:
Pfizer (PFE) reported mixed first quarter earnings Tuesday, as the company focuses on gaining investor interest in its near-term pipeline amid a volatile macro environment in the markets.
Pfizer reported adjusted earnings per share (EPS) of $0.92, beating Wall Street expectations of $0.66 per share. Revenue came in at $13.7 billion, compared to the consensus of $14 billion.
The stock was up less than 1% in premarket trading on Tuesday.
Read more about Pfizer's stock moves and today's market action.
"We continued to execute with focus and discipline against our strategic priorities, including strengthening our R&D organization and driving improved productivity. With the underlying strength of our business, we believe we can be agile in navigating an uncertain and volatile external environment," CEO Albert Bourla said in a statement Tuesday.
The company previously signaled savings of $6 billion through cost-cutting, and increased that to $7.7 billion Tuesday.
Pfizer is one of the large-cap pharma companies in focus for investors as it faces patent cliffs for top blockbusters by the end of the decade. Investors have been waiting and watching as COVID-19 revenues wane for the company to right-size operations and find new products in its pipeline — both internal and acquired — to fill a $17 billion revenue hole.
Bourla has previously said his recent flurry of deals, including the $43 billion for Seagen and its oncology pipeline, were executed to fill that revenue hole. One drug alone, Padcev, is expected to add $3.1 billion annually. In 2024, it contributed $1.6 billion.
One hope had been the company's entry into the obesity space, dominated by Eli Lilly (LLY) and Novo Nordisk (NVO). Pfizer had been viewed as one of the key contenders in the near term for Lilly and its oral version of the weight-loss drugs, which are currently in injectable form. But this month, Pfizer had to halt its late-stage trial due to a liver injury in one patient.
Pfizer reaffirmed its 2025 outlook of $61 to $64 billion in revenue and adjusted earnings per share of $2.80 to $3.
Anjalee Khemlani is the senior health reporter at Yahoo Finance, covering all things pharma, insurance, care services, digital health, PBMs, and health policy and politics. That includes GLP-1s, of course. Follow Anjalee as AnjKhem on social media platforms X, LinkedIn, and Bluesky @AnjKhem.