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Pfizer Inc. shares PFE, -0.08% gained 1.5% premarket on Wednesday after the company reported first-quarter profit and sales that beat analyst expectations, boosted by strong sales of its Vyndaqel family of heart-disease medications. The drugmaker reported net income of $3.115 billion, or 55 cents per share, down from $5.543 billion, or 97 cents per share, in the year-earlier period.
Pfizer comfortably beat expectations in its quarterly earnings report Wednesday morning, as the American pharmaceutical giant attempts to regain its footing as the COVID-19 pandemic subsides.
Pfizer Inc. (NYSE: PFE) has announced its financial outcomes for the first quarter of 2024, displaying strong performance in its non-COVID product portfolio. This includes heightened revenues from recent commercial launches and acquired products, alongside a consistent growth in key in-line brands.
Pfizer beat first-quarter profit estimates on Wednesday, benefiting from cost cuts and strong sales for its pneumonia and respiratory synctitial virus vaccines.
Pfizer faces challenges with declining COVID-19 product sales and upcoming patent expirations for key products. However, the company's valuation, dividend yield, and overall growth prospects remain attractive.
Pfizer (PFE) expects its operational revenues to improve, driven by its in-line products like Vyndaqel, new launches like Abrysvo and newly acquired products, including those acquired from Seagen.
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Pfizer (NYSE: PFE) is scheduled to report its Q1 2024 results on Wednesday, May 1. We expect the company to post revenue of $13.8 billion and earnings of $0.50 on a per share and adjusted basis.
Beyond analysts' top -and-bottom-line estimates for Pfizer (PFE), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended March 2024.