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Global healthcare major Pfizer (NYSE:PFE) delivered impressive numbers for the first quarter with its EPS of $0.82 handily smashing estimates by a wide margin of $0.31. Additionally, the company's revenue of $14.9 billion came in better than expectations by $1.03 billion despite a year-over-year contraction of 19%. The results have propelled PFE shares nearly 2% higher in the early trading session today. As expected, lower Paxlovid and Comirnaty sales impacted Pfizer's Q1 top line. Excluding the contribution of these two products, the company's Q1 top line rose by 11%. This increase was largely driven by higher sales of Vyndaqul products, Abrysvo, Eliquis, Padcev, Adcetris, and the Prevnar product line. This revenue performance was accompanied by Pfizer's cost of sales as a percentage of revenue declining to 22.7% from 26.4% a year ago, owing to a favorable change in sales mix. Importantly, Pfizer raised its EPS expectations for the full year to a range of $2.15 to $2.35 from the prior $2.05 to $2.25 estimate. The company continues to anticipate that it will report a revenue between $58.5 billion to $61.5 billion for the full year. The hike in the company's bottom-line expectations comes on the back of its target of $4 billion in annual net cost savings by the end of this year. But there's more. According to the Financial Times, Pfizer is working on a direct-to-consumer (DTC) platform to offer its products directly to patients. The platform will connect patients with independent telehealth consultants and is anticipated to be introduced later this year. Today's price gains come after nearly a 31% drop in Pfizer's share price over the past year. Overall, the Street has a Moderate Buy consensus rating on the stock, alongside an average PFE price target of $31.70. However, analysts' views on Pfizer could see changes following today's earnings report. Read full DisclosurePfizer's Improving Financials
PFE's Forward Guidance
Is PFE a Buy, Sell, or a Hold?
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