Pfizer Beats Expectations as New Drugs Gain Ground and Old Hits Hold Strong

With input from CNBC, the Wall Street Journal, Bloomberg, and Reuters.

Pfizer came in stronger than expected this quarter, giving investors a reminder that the business isn’t just about Covid anymore.

The drugmaker posted first-quarter earnings of 75 cents a share, topping forecasts of 72 cents. Revenue landed at $14.45 billion, also ahead of expectations and up about 5% from a year ago. Not explosive growth – but solid, especially given the drag from fading pandemic products.

That drag is real. Sales of Pfizer’s Covid vaccine dropped sharply, down nearly 60% year over year to $232 million. Its antiviral treatment Paxlovid didn’t fare much better, with revenue falling 62%. Both came in well below what analysts had penciled in.

What’s keeping things afloat? A mix of old standbys and newer bets starting to click.

Take Eliquis. The blockbuster blood thinner pulled in $2.17 billion for the quarter, beating expectations and climbing 13% from last year. It’s still doing heavy lifting.

Then there’s the newer lineup. Cancer drug Padcev saw sales jump nearly 40%, while Pfizer’s RSV vaccine continued to build momentum, bringing in more than expected. Overall, revenue from recently launched and acquired products grew more than 20% operationally.

That shift is key. Pfizer is leaning hard into its pipeline – and recent deals – to offset the steady decline of its Covid business and the looming pressure on older drugs losing exclusivity. The company’s $10 billion move to acquire obesity biotech Metsera is part of that broader push.

The bottom line tells a slightly mixed story. Net income came in at $2.69 billion, down from $2.97 billion a year ago. Still profitable, just not at the same level.

Looking ahead, Pfizer isn’t changing its tune. The company reaffirmed its 2026 outlook, expecting adjusted earnings between $2.80 and $3 per share and revenue in the range of $59.5 billion to $62.5 billion. That suggests growth will be modest at best, with Covid sales expected to drop another $1.5 billion this year.

Competition is also creeping in. Some major products are facing pressure as rivals enter the market, and that’s expected to chip away at revenue.

Even so, this quarter shows Pfizer isn’t standing still. The Covid boom may be fading fast, but a mix of legacy blockbusters and newer therapies is keeping the business on track – for now.