Pfizer (NYSE:PFE) stock is on the move Tuesday as investors react to the pharmaceutical company’s earnings report for the first quarter of 2022.
The drop in PFE stock comes despite the company posting adjusted earnings per share of $1.62. That’s better than the $1.47 per share that Wall Street was expecting for the quarter. It’s also a 72% jump from the 95 cents per share reported during the same time last year.
To go along with that, Pfizer reported revenue of $25.66 billion in the first quarter of the year. That’s another beat compared to analysts’ estimate of $23.86 billion. It’s also a 77% increase from the $14.52 billion reported in the same period of the year prior.
All of that is good news for PFE stock but there is one thing from the earnings report dragging it down. The company lowered its 2022 adjusted EPS guidance to between $6.25 and $6.45, as compared to its previous range of $6.35 to $6.55. For the record, Wall Street is expecting an adjusted EPS of $7.15 per share for the year.
The lower outlook from Pfizer comes after it reported negative results from a recent clinical trial. This was for its Paxlovid, which was developed to reduce Covid-19 spread in a household. It failed to meet its primary endpoint.
In its current earnings report, Pfizer specifically makes mention of Paxlovid in its outlook for 2022. The company states that the guidance was made while taking into account contributions from it and other medicines.
PFE stock is up 1.8% as of this writing after starting off lower Tuesday morning.
Investors searching for more stock market news are in the right place!
InvestorPlace has all the hottest stock market news that traders need to know about for Tuesday! That includes this morning’s pre-market stock movers, as well as the most recent SOS (NYSE:SOS) and Redbox (NASDAQ:RDBX) stock news. You can find all of this at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.