Shares of global healthcare major Pfizer (NYSE:PFE) are trending up at the time of publishing today after the company delivered better-than-anticipated first-quarter numbers.
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While the company’s revenues declined by 28.8% year-over-year to $18.3 billion, they still landed ahead of expectations by $1.81 billion. EPS at $1.23 too comfortably surpassed estimates by $0.25. The drop in the top line was attributable to lower Comirnaty sales. This impact was partially offset by sales gains from Oxbryta, Vydura, Sulperazon, Eliquis, and Vyndaqel.
Further, potential approvals for Zavzpret, Cibinqo, and Prevnar 20 are important regulatory milestones to keep an eye on in the coming periods.
Looking ahead, for the full year 2023, Pfizer expects revenue to hover between $67 billion and $71 billion. EPS is seen landing between $3.25 and $3.45.
Overall, the Street has a $47.64 consensus price target on Pfizer, implying a potential upside of 21.5% in the stock. That’s after a 23.5% slide in Pfizer shares so far this year.
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