Pfizer Inc. reported fourth-quarter earnings that beat analysts’ estimates as the US government returned fewer doses of its Covid-19 treatment than predicted.
Pfizer said 6.5 million doses of Paxlovid were returned by the end of last year, resulting in negative sales of the drug in the quarter of $3.1 billion, according to a statement Tuesday. The drugmaker had earlier said that it would receive 7.9 million returned doses.
Pfizer shares rose 0.5% before US markets opened.
Investors are looking to Chief Executive Officer Albert Bourla for any sign of reprieve after a miserable 2023. Once celebrated for lifting sales above $100 billion with life-saving Covid-19 products, the drugmaker now faces Wall Street scrutiny for overestimating demand, leading to two guidance cuts last year.
Adjusted earnings for the quarter were 10 cents a share, Pfizer said, while analysts had estimated a loss of 19 cents. Quarterly sales of $14.2 billion narrowly missed the average estimate of $14.4 billion.
Pfizer reaffirmed its earlier financial outlook for 2024.
