Pfizer reported a dip in profits Tuesday but reaffirmed full-year targets and pointed to progress in advancing new treatments to address cancer and obesity.

The pharmaceutical giant notched higher sales in a number of products, including blood thinner drug Eliquis and bladder cancer treatment Padcev, which helped to offset significantly lower sales from Covid-19-related products.

Profits in the first quarter fell nine per cent to $2.7 billion, while revenues rose five percent to $14.5 billion.

Chief Executive Albert Bourla highlighted revenue growth in products from its purchase of oncology specialist Seagan from which Pfizer is also advancing clinical work on new treatments for multiple myeloma, breast cancer, and other cancers.

Pfizer is also working to advance products from its Metsera transaction, Bourla said of the transaction completed in November 2025 for the company, which has focused on weight-loss drugs.

The work “underpins our strategy intended to position Pfizer as a leader in the next generation of obesity therapies,” said Bourla in prepared remarks released ahead of a conference call.

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In the first quarter, Pfizer’s research and development expenses rose 12 per cent, reflecting increased spending in oncology and obesity products in development.

While Pfizer has continued to pay dividends, it has refrained from share repurchases and said Tuesday that it doesn’t plan any in 2026.

In prepared remarks, Pfizer Chief Financial Officer David Denton said the company’s product launches and drug pipeline initiatives are “positioning the company with the ability to deliver growth toward the end of the decade.”

Shares of Pfizer rose 0.6 per cent in pre-market trading.

AFP

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