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Pfizer (NYSE: PFE) stock got a very effective shot in the arm on Wednesday. This was supplied by its latest earnings release, which saw the storied pharmaceutical company notch double beats on analyst estimates and provide encouraging guidance. The company's share price ended the day more than 6% higher, in contrast to the 0.3% slump of the S&P 500 index.

The Covid effect not as damaging as feared

For its first quarter, Pfizer reported before market open, the pharmaceutical giant took in just under $14.9 billion in revenue. While this was 20% below its first-quarter 2023 revenue, it wasn't unexpected -- the company continues to see a notable fall-off in sales of its Covid products (namely the Comirnaty vaccine and Paxlovid, a drug). Removing such goods from the equation, Pfizer would have enjoyed 11% year-over-year revenue growth.

That dynamic also affected profitability. Non-GAAP (adjusted) net income saw a steeper fall, tumbling by 34% to $4.7 billion ($0.82 per share).

At first glance, those drops were seriously bad news. However, analysts were expecting far worse. On average, they were estimating that Pfizer's revenue would total barely over $14 billion, and adjusted net income would be a mere $0.33 per share.

In the earnings release, the company quoted its CEO Albert Bourla as attributing the better-than-expected performance to "increased revenue from several of our recent commercial launches and acquired products, as well as robust year-over-year growth for several key in-line brands, namely the Vyndaqel family, Eliquis, and the Prevnar family."

Pfizer also did well with oncology drugs such as Ibrance and Xtandi.

Full-year profitability guidance raised

Pfizer's double beat on trailing results was compounded by a raise in profitability guidance. The company now believes its full-year adjusted net income will land at $2.15 to $2.35 per share, giving it a real shot at exceeding the collective $2.21 estimate from analysts. It left its revenue forecast unchanged; this stands at $58.5 billion to $61.5 billion, with the average prognosticator estimate at $60 billion.

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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Pfizer. The Motley Fool has a disclosure policy.

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