Why Pfizer Stock Blasted More Than 6% Higher Today
(NYSE: PFE) stock got a very effective shot in the arm on Wednesday. This was supplied by its latest earnings release, which saw the storied pharmaceutical company notch double beats on analyst estimates and provide encouraging guidance. The company's share price ended the day more than 6% higher, in contrast to the 0.3% slump of the S 500 index.
For its first quarter, Pfizer reported before market open, the pharmaceutical giant took in just under $14.9 billion in revenue. While this was 20% below its first-quarter 2023 revenue, it wasn't unexpected -- the company continues to see a notable fall-off in sales of its Covid products (namely the Comirnaty vaccine and Paxlovid, a drug). Removing such goods from the equation, Pfizer would have enjoyed 11% year-over-year revenue growth.
That dynamic also affected profitability. Non-GAAP (adjusted) net income saw a steeper fall, tumbling by 34% to $4.7 billion ($0.82 per share).
Source Fool.com
Pfizer Inc. Stock
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