Pfizer topped analysts' expectations with its first-quarter earnings report, despite a sales decline driven by the lower demand for the company's Covid vaccine.
first-quarter revenue and adjusted earnings that topped Wall Street's expectations, despite a decline in sales driven by the lower demand for the company's Covid vaccine.
The pharmaceutical giant reported first-quarter sales of $18.28 billion, down 29% over the same period a year ago. Sales of Pfizer's Covid antiviral pill Paxlovid increased $2.8 billion during the first-quarter compared with the same period last year. Pfizer said Paxlovid revenue was propelled by new launches in certain international markets and strong demand in China due to increased Covid cases.
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