Pfizer, Inc shot up over 3 percent on Tuesday after printing its first-quarter earnings before the market open.
The pharmaceutical giant reported adjusted earnings per share of $1.62, which beat the consensus estimate of $1.50. Pfizer reported sales of $25.70 billion, beating the $23.95 billion estimate. $13.2 billion of Pfizer’s sales came from its COVID-19 vaccine.
For the full-year 2022, Pfizer lowered its EPS guidance slightly from $6.35-$6.55 to $6.25-$6.45 and reaffirmed it expects sales of $98 billion-$102 billion, which comes in below the $107.94 billion estimate.
The reaction to Pfizer’s earnings print was initially bearish, with the stock trading down slightly in the premarket but once the market opened, bulls came in and bought the dip, which confirmed the stock is now trading in an uptrend.
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