Pfizer is raising its revenue expectations for the year with a huge roll out of its COVID-19 vaccine as well as strong performances from other parts of its business.
The company reported first-quarter earnings of $4.88 billion, or 86 cents per share. Per-share earnings were 93 cents if one-time costs or gains are removed. That far above the 79 cents Wall Street was looking for, according to a survey by Zacks Investment Research.
Revenue was $14.58 billion, also easily exceeding forecasts of $13.49 billion from industry analysts.
Pfizer expects full-year earnings in the range of $3.55 to $3.65 per share, with revenue in the range of $70.5 billion to $72.5 billion.
The New York company is manufacturing hundreds of millions of doses of the COVID-19 shot and pushing forward on research gauging its effectiveness in different patient groups, such as teens and people with compromised immune systems.
Pfizer has said that this year it can produce 2 billion doses of the vaccine, developed with its German partner BioNTech, including 200 million doses promised for the U.S. by the end of May.
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FILE - In this March 27, 2021 file photo a laboratory worker simulates the workflow in a cleanroom of the BioNTech Corona vaccine production in Marburg, Germany, during a media day. Ugur Sahin, BioNTech's chief executive, which developed the first widely approved COVID-19 vaccine with U.S. partner Pfizer, said Europe can achieve 'herd immunity' against the coronavirus within the next four months. (AP Photo/Michael Probst, file)
FILE - In this April 14, 2021 file photo, a Northwell Health nurse injects Local 28 Sheet Metal Worker Demetrius Buttelman with the first dose of the Pfizer vaccine during a news conference, at the Belmont Park in Elmont, N.Y. The state recorded 43,000 new cases in the week that ended Saturday, April 17, 2021. That's the lowest number in a seven-day period since Thanksgiving. (AP Photo/Mary Altaffer, Pool, File)
Gov. Andrew Cuomo embraces Radhames Rodriguez, President of United Bodegas of America, after Rodriguez received a Pfizer COVID-19 vaccination shot at an event to announce five new walk-in pop-up COVID-19 vaccination sites for New York Bodega, grocery store and supermarket workers in the Harlem section of New York on Friday, April 23, 2021. (Mike Segar/Pool Photo via AP)
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