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Pfizer stock rallies toward 4-day win streak after big profit and revenue beats, reiterated outlook

Clyde Edgerton by Clyde Edgerton
May 2, 2023
in Markets
Pfizer stock rallies toward 4-day win streak after big profit and revenue beats, reiterated outlook
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Shares of Pfizer Inc. PFE rallied 2.0% in premarket trading Tuesday, toward a 4th-straight gain and to extend its bounce off a 2-year low, after the drug maker reported first-quarter profit and revenue that fell but beat expectations by wide margins. Net income fell to $5.54 billion, or 97 cents a share, from $7.86 billion, or $1.37 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.23 beat the FactSet consensus of 98 cents. Revenue dropped 28.8% to $18.28 billion but was above the FactSet consensus of $16.61 billion. Biopharmaceutical business revenue fell 29.0% to $17.97…



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