Pfizer reported first-quarter earnings that surpassed Wall Street forecasts, primarily driven by sustained demand for legacy products such as the blood thinner Eliquis and the cancer treatment Padcev. According to data compiled by LSEG, Pfizer's total revenue for the quarter reached $14.45 billion, marking a 5.7% year-over-year increase and exceeding the average analyst estimate of $13.79 billion. On an adjusted basis, the company reported earnings per share of $0.75, higher than the consensus estimate of $0.72. The operational growth in the quarter was primarily supported by increased sales of established drugs, including the cancer drug Padcev, the blood thinner Eliquis, oncology biosimilars, and the migraine treatment Nurtec, although this was partially offset by a decline in revenue from COVID-19 products. Sales of the blood thinner Eliquis, co-marketed with Bristol Myers Squibb, reached $2.17 billion in the first quarter, a 13% increase from the prior year, surpassing the previous estimate of $1.76 billion. Sales of its key cardiac drug Vyndamax were $1.6 billion, exceeding the prior estimate of $1.62 billion. Revenue from the COVID-19 vaccine Comirnaty was $232 million, a 59% decrease year-over-year, falling short of the $434 million expectation. The Prevnar franchise generated revenue of $1.69 billion, up 2% compared to the previous year, beating the estimate of $1.62 billion. Pfizer indicated that a recent favorable ruling by the European Court regarding its COVID-19 vaccine, along with a patent extension for its cardiac drug Vyndamax, will help ensure stronger growth beyond 2028. The latest results should provide some relief to investors, who have been seeking new growth drivers to counter the decline in sales of COVID-19 products, impacted by government stockpile resistance and impending patent expirations. Sales of Pfizer's COVID-related products have declined significantly from their peak during the pandemic. Pfizer is focused on streamlining costs while rebuilding its product pipeline to support future growth. However, several key products face increasing pressure, such as Prevnar and Vyndaqel, which are encountering new competition, while demand for COVID-19 related products continues to decline. Pfizer is navigating patent expirations for some of its top-selling drugs and has been pursuing acquisitions to strengthen its drug development pipeline, particularly in the obesity drug sector. The company completed a $10 billion acquisition of clinical-stage obesity drug developer Metsera and has entered into multiple licensing and research collaborations to secure long-term growth. The company is also expected to benefit from a court ruling last month that requires Poland and Romania to accept €1.9 billion ($2.22 billion) worth of COVID-19 vaccines produced by Pfizer and its partner BioNTech. Pfizer reaffirmed its 2026 profit and revenue outlook, projecting revenue between $59.5 billion and $62.5 billion, aligning with the average analyst estimate of $61.37 billion. Adjusted diluted earnings per share are forecast to be in the range of $2.80 to $3.00, matching the consensus estimate of $2.96. Albert Bourla, Pfizer's Chairman and CEO, stated, "The strong start to 2026 increases our confidence in successfully navigating this critical period for Pfizer. Our pipeline is advancing on multiple fronts—positive Phase 3 trial results and encouraging interim trial outcomes are building significant momentum—I am particularly encouraged by our progress in oncology and obesity, areas where I believe Pfizer is positioned for leadership." Commenting on the earnings report, Edmund Ingham, Head of Haggerston BioHealth Investment Group, noted, "Pfizer comfortably beat analyst expectations for first-quarter earnings, with adjusted EPS also performing well. However, as is often the case with this challenged pharmaceutical giant, there are factors to consider. Both net profit and adjusted profit declined year-over-year; the 2026 guidance was reaffirmed but not raised; there is no share buyback program planned for 2026; furthermore, patent cliffs for key products like Eliquis and Vyndaqel are approaching. Pfizer's stock has declined approximately 35% over the past five years, and today's results are unlikely to trigger a full-scale rebound."