Pfizer delivered better-than-expected first-quarter results, with total sales of $14.45 billion topping analyst estimates of $13.79 billion. The pharmaceutical giant posted an adjusted profit of 75 cents per share, beating Wall Street expectations by 3 cents. Despite the positive earnings beat, shares were down about 1% in early trading as investors focused on future growth prospects.
The company secured significant legal victories that could reshape its growth trajectory. Pfizer settled patent disputes with three generic drugmakers over its Vyndamax heart drug, effectively delaying cheaper copies from entering the market through mid-2031. CEO Albert Bourla stated these settlements have the potential to change the company's growth profile significantly after 2028, giving confidence in achieving a high-single-digit compounded annual growth rate for a five-year period beginning in 2029.
Padcev, the company's cancer drug, generated $591 million in sales during the quarter, exceeding analysts' average expectation of $534.5 million. The Eliquis blood thinner, sold with Bristol Myers Squibb, came in at $2.17 billion, compared with estimates of $1.76 billion. However, COVID vaccine Comirnaty sales were $232 million, down 59% from a year earlier and below expectations of $434 million. Vyndamax generated $1.6 billion in sales, slightly below expectations.
Pfizer maintained its full-year revenue forecast of $59.5 billion to $62.5 billion and profit guidance of $2.80 to $3.00 per share. The company is banking on new medicines, including obesity drugs acquired through recent deals, to navigate near-term challenges. CEO Bourla highlighted the company's R&D pipeline advancement in oncology and obesity, stating he's particularly encouraged by Pfizer's positioning to lead in these areas. The company also expects a $1.9 billion boost from a recent European court ruling requiring Poland and Romania to accept COVID vaccines worth $2.22 billion.
