Pfizer beats revenue estimates, raises profit outlook on cost cuts and smaller-than-feared drop in Covid drug sales

Pfizer reported a first-quarter revenue surpassing expectations and raised its full-year profit outlook, attributing the success to effective cost-cutting measures and resilient sales of its Covid antiviral pill, Paxlovid. Despite a significant drop in Covid product sales, strong performance in non-Covid products bolstered the company's financial health. Pfizer's adjusted earnings forecast for the year has increased, reflecting confidence in ongoing business operations and cost management efforts.