Despite reporting Q1 revenue of $18.28B, a 29% decrease from the previous year, Pfizer outperformed Wall Street projections of $16.59B.
Pfizer's Q1 revenue increased by 5% YoY when COVID-19 product sales were excluded, thanks to recent acquisitions and strong sales of other medicines.
Q1 adjusted EPS of $1.23 beat expectations of 98 cents, despite a year-over-year decrease in net income from $7.86B to $5.54B.
- Despite a 75% YoY decline of $10B in Pfizer's COVID vaccine sales, Q1 revenue was increased by $7.1B due to COVID-related sales, which included $3B from vaccine sales and $4B from Paxlovid.
- Strong sales of medicines like Sulperazon and Eliquis and acquisitions like Biohaven's Nurtec ODT and Global Blood Therapeutics' Oxbryta contributed $167M and $71M, respectively, propelled the company's revenue.
- Pfizer kept its full-year adjusted earnings projection of $3.25 to $3.45 per share and its 2023 sales target of $67 to $71B.
