Pfizer’s Earnings Fall With Cooling Demand for Covid Products

May 2, 2023 7:57 am ET

Pfizer reaffirmed its outlook to see revenue decline by as much as a third this year from its record high $100 billion in 2022. Photo: Gabby Jones for The Wall Street Journal

Pfizer’s first-quarter revenue and earnings were down by nearly a third from a year ago, when the spread of the Omicron variant of Covid-19 buoyed demand for pandemic products.

The drugmaker for the first three months of the year logged revenue of $18.28 billion, down 29% from a year ago but still well above Wall Street analyst estimates for $16.61 billion, according to analysts polled by FactSet.