Pfizer has today posted better than expected quarterly earnings and said a recent favourable European court ruling on its Covid-19 vaccine and patent extension for its heart drug Vyndamax would help secure stronger growth after 2028.
The latest results should come as a relief for investors, who have been looking for new growth drivers to compensate for waning sales of Covid products amid a pushback from the US administration and impending patent expirations.
The drugmaker achieved total sales of $14.45 billion for the first quarter, compared with analysts' average expectation of $13.79 billion, according to data compiled by LSEG.
"Our R&D pipeline is advancing on multiple fronts and I'm particularly encouraged by what we're seeing in oncology and obesity, two areas where I believe Pfizer is positioned to lead," CEO Albert Bourla said in a statement.
Pfizer is grappling with patent expirations for some of its top-selling drugs, including blood thinner Eliquis and cancer drug Ibrance, and has been looking at acquisitions to bolster its drug pipeline, especially in the weight-loss category.
It paid $10 billion to buy clinical‑stage obesity drugmaker Metsera and has undertaken several licensing and research partnerships to secure long-term growth.
The company is also expected to benefit from last month's court ruling, which requires Poland and Romania to accept €1.9 billion worth of Covid vaccines made by Pfizer and partner BioNTech.
It also settled patent disputes with three generic drugmakers over Vyndamax last week, effectively delaying cheaper copies from entering the market.
Pfizer today also reaffirmed its 2026 profit and revenue outlook.
On an adjusted basis, the company reported a profit of 75 cents per share for the first quarter, topping analysts' estimates of 72 cents per share.
Sales of blood thinner Eliquis, which Pfizer sells with Bristol Myers Squibb, came in at $2.17 billion, compared with estimates of $1.76 billion.
Its blockbuster heart drug, Vyndamax, generated $1.6 billion in sales in the first quarter, compared with estimates of $1.62 billion.
Covid vaccine Comirnaty brought in sales of $232m, down 59% from a year earlier and below expectations of $434m.
