Cost cutting measures on track as Pfizer beats in first quarter
At $14.9 billion, New York-based Pfizer (NYSE: PFE) has beaten estimates for first quarter revenues and raised its profit outlook accordingly.
The firm now expects earnings per share (EPS) to come in at between $2.15 and $2.35, with profits being supported in part by a cost reduction plan.
Reported net income was $3.1 billion, down 44% from the same period of the prior year, while revenues were down 20% compared with 2023.
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