Pfizer Q1 Earnings Beat Estimates, Several Headwinds Hurt Sales

Core Viewpoint - Pfizer reported mixed first-quarter results for 2025, with adjusted earnings per share of 92 cents exceeding estimates but revenues of $13.72 billion falling short of expectations, reflecting a year-over-year decline of 8$13.72 billion, down 8% year-over-year, missing the Zacks Consensus Estimate of $13.89 billion, with operationally a decrease of 6$5.34 billion, while U.S. revenues declined by 12% to $8.37 billion [3]. Product Segment Analysis - Primary Care segment sales fell 20$5.7 billion, with Eliquis sales declining 4% to $1.92 billion due to pricing pressures from the Inflation Reduction Act [4][5]. - Specialty Care sales rose 6$4.0 billion, driven by Vyndaqel family revenues increasing by 33% to $1.49 billion [4][10]. - Oncology sales increased by 7$3.76 billion, with Padcev sales rising 25% to $426 million, while Ibrance revenues declined by 6$977 million [4][12][13]. Key Product Performance - Paxlovid revenues dropped 75% year-over-year to $491 million, missing estimates [8]. - Comirnaty sales rose 62$565 million, exceeding expectations [7]. - The RSV vaccine, Abrysvo, recorded sales of $131 million, down 6$3.01 billion, while adjusted R&D expenses also fell by 12% to $2.17 billion [3]. 2025 Guidance - Pfizer reaffirmed its 2025 guidance, projecting total revenues between$61.0 billion and $64.0 billion, with adjusted earnings per share expected in the range of$2.80 to $3.00 [14][16]. Market Context - Pfizer's stock has declined 11.7$7.7 billion by the end of 2027 [20].