Pfizer (PFE) reported first quarter earnings Tuesday that missed Wall Street expectations, as the company struggles to gain investor interest in its near-term pipeline amid a volatile macro environment in the markets.

Pfizer reported adjusted earnings per share (EPS) of 52 cents, compared to Wall Street expectations of 66 cents per share. Revenue came in at $13.7 billion, compared to consensus of $14 billion.

"We continued to execute with focus and discipline against our strategic priorities, including strengthening our R&D organization and driving improved productivity. With the underlying strength of our business, we believe we can be agile in navigating an uncertain and volatile external environment," CEO Albert Bourla said in a statement Tuesday.

Pfizer is one of the large-cap pharma companies in focus for investors as it faces patent cliffs for top blockbusters by the end of the decade. Investors have been waiting and watching, as COVID-19 revenues wane, for the company to right-size operations and find new blockbusters in its pipeline — both internal and acquired — to fill a $17 billion revenue hole.

Bourla has previously said his flurry of deals in the recent past, including the $43 billion for Seagen and its oncology pipeline, were executed to fill that revenue hole. One drug alone, Padcev, is expected to add $3.1 billion annually. In 2024, it contributed $1.6 billion.

One hope had been the company's entry into the hot new obesity space, dominated by Eli Lilly (LLY) and Novo Nordisk (NVO). Pfizer had been viewed as one of the key contenders in the near-term for Lilly and its oral version of the weight loss drugs, which are currently in injectable form. But this month, Pfizer had to halt its late stage trial due to a liver injury in one patient.

Pfizer reaffirmed its 2025 outlook of $61 to $64 billion in revenue and adjusted earnings per share of $2.80 to $3.

Anjalee Khemlani is the senior health reporter at Yahoo Finance, covering all things pharma, insurance, care services, digital health, PBMs, and health policy and politics. That includes GLP-1s, of course. Follow Anjalee as AnjKhem on social media platforms X, LinkedIn, and Bluesky @AnjKhem.

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