Pfizer — the drug giant that employs almost 5,000 people at sites in Kildare, Cork, and Dublin — lifted its annual profit forecast and posted first-quarter results that topped analysts' estimates. It comes as the company cut costs and posted a smaller-than-feared drop in sales of its covid treatment and strong sales of its pneumonia vaccine. Sales of cancer treatment Padcev, which Pfizer gained through its $43bn deal for Seagen, also came in ahead of analysts' expectations. Investors have also been tracking the performance of the company's new RSV vaccine, which has been trailing a rival shot from GSK since they both launched. Paxlovid sales dropped 50% to $2bn for the quarter, still well above analysts' forecasts.

Source: Irish Examiner May 01, 2024 17:50 UTC