Pfizer Inc. (NYSE: PFE) Tuesday reported a decline in first-quarter earnings and revenues. However, the results exceeded analysts’ forecast.
Earnings, on an adjusted basis, dropped to $0.80 per share from $0.85 per share in the first quarter of 2019. The pharma company reported unadjusted profit of $3.4 billion or $0.61 per share for the three-month period, down from last year’s $3.88 billion or $0.68 per share. Earnings, meanwhile, came in above the estimates.
The weakens in the bottom-line performance is attributable to a 8% decline in revenues to $12 billion. Analysts were looking for a slightly lower number.
Shares of Pfizer closed the last trading session higher and continued to gain during Tuesday’s pre-market session. The stock has declined 7% in the past twelve months.
After Novavax (NASDAQ: NVAX) reported its progress on developing the COVID-19 vaccine at the end of February, the shares of the company started trading in double-digits after a long time.
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