Pfizer beats Q1 expectations despite vaccine sales decline.

Pfizer's revenue shrank in Q1, but the company topped Wall Street expectations with adjusted earnings of $1.23 per share. Sales of its COVID-19 vaccine, Comirnaty, fell 77% to $3 billion in the first quarter, as expected, due to the shift from supplying governments to selling on the commercial market. Pfizer expects sales from Comirnaty to drop 64% this year and revenue from its COVID-19 treatment Paxlovid to slide 58%. The company also expects significantly lower sales from its vaccine and treatment in Q2 compared to Q1, but commercial sales are expected to kick in later this year. Pfizer reaffirmed its forecast for full-year earnings to range between $3.25 and $3.45 per share.