Pfizer (PFE) has topped third quarter earnings expectations and raised its full-year guidance. The biotech company saw revenue increase 31% year over year, boosted by sales of its antiviral pill Paxlovid.

Chris Shibutani, Goldman Sachs senior biotechnology analyst in global investment research, joins Morning Brief to dig into the earnings and some of the challenges ahead for Pfizer.

Shibutani calls the third quarter earnings a "strong print," noting that it was largely driven by COVID-19. "The balance of the business is doing well, but is still very much a work in progress," he tells Yahoo Finance.

He argues that the biggest question for Pfizer ahead is how long its COVID business can continue to show up in its financial results. "What is the level at which things will begin to stabilize? It's been very clearly difficult to predict going back several years," he adds. Thus, he anticipates investors focusing on the base business moving forward.

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This post was written by Melanie Riehl