08:44 AM EDT, 05/01/2024 (MT Newswires) -- Pfizer ( PFE ) reported better-than-expected first-quarter results on Wednesday as sales from products in its oncology and specialty care segments offset declines in COVID-19 products, prompting the pharmaceutical giant to raise its full-year earnings outlook.

The company now anticipates adjusted earnings of $2.15 to $2.35 per share for 2024, up from its prior guidance of $2.05 to $2.25. The consensus on Capital IQ is for normalized EPS of $2.23. "This increase takes into consideration both our improving line of sight to our cost savings target, and continued strength in our underlying business," Chief Financial Officer David Denton said in prepared remarks.

Pfizer ( PFE ) still projects revenue to be in a range of $58.5 billion to $61.5 billion for the current year, including $8 billion in sales of its Comirnaty and Paxlovid COVID-19 products and $3.1 billion from cancer-drug maker Seagen, which it acquired last year. The Street is looking for revenue of $60 billion.

For the three months through March 31, adjusted EPS dropped 33% to $0.82, but topped analysts' $0.51 estimate. Revenue fell to $14.88 billion from $18.49 billion the year before, but came in ahead of the Street's view for $13.92 billion.

"We delivered strong performance in our non-COVID product portfolio in the first quarter of 2024, including increased revenue from several of our recent commercial launches and acquired products," Chief Executive Albert Bourla said in the statement.

In the specialty care business, revenue rose 6% to $3.84 billion, driven by a 66% surge in the Vyndaqel family of cardiomyopathy treatments. Oncology sales jumped 18% to $3.55 billion while the company's business innovation segment, which it launched in the prior-year quarter, saw revenue decline by 12%.

Revenue from primary care , which includes Comirnaty and Paxlovid, slumped 38% to $7.21 billion. Comirnaty global sales plummeted 88% to $354 million and Paxlovid slid 50%.

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