Pfizer falls despite burst of activity at start of 2023

Despite a strong opening, New York-based pharma giant Pfizer (NYSE: PFE) saw its shares fall in price over the morning on Tuesday, following the release of its financial results for the first quarter of 2023.

The drop comes after Pfizer reported revenues of $18.3 billion, well above analysts’ expectations, although the earnings per share (EPS) figure came in a little below many forecasts, at 97 cents.

Although it was expected, weak sentiment may have been driven by the continued decline in sales of the company’s blockbuster coronavirus products, leading to a 26% decrease in operational first quarter revenues.