Global pharmaceutical major Pfizer Inc. (PFE) surpassed Wall Street’s EPS and revenue estimates in the third quarter. The company’s revenue beat the consensus estimate by 7.3%, while its EPS was 27% higher than the estimate. Although revenues fell 2% from the prior-year period, they rose 2% operationally, excluding contributions from Paxlovid and Comirnaty.
PFE CFO and Executive VP David Denton said, “Third-quarter results demonstrated commercial strength across many areas of our business, but was somewhat obscured by the incredibly strong performance in the prior-year. We saw strong operational performance this quarter from key brands such as Paxlovid and Eliquis, particularly in the U.S., as well as the continued impressive launch of Prevnar 20 for adults in the U.S.”
