Drug major Pfizer Inc. (PFE), while reporting weak first-quarter profit, but above market estimates, on Tuesday maintained its fiscal 2025 forecast. Revenues declined from last year and missed the Street view.
The company said it is currently trending towards the upper end of fiscal 2025 adjusted earnings per share guidance range.
In pre-market activity on the NYSE, Pfizer shares were losing around 0.7 percent to trade at $22.89.
For the year, the company continues to expect earnings of $2.80 to $3.00 and revenues of $61.0 billion to $64.0 billion.
The Wall Street analysts on average expect the company to report earnings of $2.95 per share on revenues of $62.92 billion. Analysts' estimates typically exclude special items.
The company's reaffirmed guidance does not currently include any potential impact related to future tariffs and trade policy changes.
Further, the firm said it is on track to deliver operating margin expansion from ongoing cost realignment program with approximately $4.5 billion of net cost savings by end of 2025.
In its first quarter, Pfizer's bottom line totaled $2.967 billion or $0.52 per share, compared with $3.115 billion or $0.55 per share, last year.
Adjusted earnings were $5.237 billion or $0.92 per share for the period, compared to $0.82 per share last year. Analysts had expected the company to earn $0.68 per share.
The company's revenue for the period fell 7.8 percent to $13.715 billion from $14.879 billion last year. The Street expected revenues of $14.09 billion.
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