Pfizer’s first quarter results drew a positive market response as management emphasized margin improvement and disciplined expense control, even as revenue declined. CEO Albert Bourla credited robust execution in key therapeutic areas, particularly oncology and internal medicine, for helping offset lower sales from COVID-related products. CFO Dave Denton highlighted the impact of productivity programs and a refined commercial approach, noting that adjusted operating expenses fell meaningfully due to ongoing cost realignment. Management acknowledged external pressures, including U.S. policy changes and lower COVID demand, but pointed to operational efficiency as a key factor supporting profitability.

Is now the time to buy PFE? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions Pfizer’s Q1 Earnings Call

• Vamil Divan (Guggenheim): Asked about Pfizer’s ability to maintain and grow its dividend amid tariff uncertainty and cash flow pressure. CFO Dave Denton reiterated the dividend’s priority in capital allocation and expressed confidence in cost management supporting this commitment.

• Evan Seigerman (BMO Capital Markets): Inquired about Pfizer’s obesity pipeline strategy after discontinuing a candidate. Chief Scientific Officer Chris Boshoff explained the focus on differentiated, more tolerable oral therapies and the pursuit of both internal and external opportunities.

• Tim Anderson (Bank of America): Questioned the likelihood and scope of sector-specific tariffs and potential impacts on manufacturing. CEO Albert Bourla shared insights from government discussions, highlighting distinctions between friendly and adversary countries and Pfizer’s contingency planning.

• Trung Huynh (UBS): Sought clarity on the timing and magnitude of cost savings. Denton said most additional identified savings would be realized post-2025, with R&D productivity improvements expected to be reinvested in the pipeline.

• Geoff Meacham (Citi): Asked about business development priorities and the impact of LOEs. Bourla and Chief Strategy Officer Andrew Baum emphasized the focus on building sustainable franchises through both internal R&D and disciplined acquisitions.

Catalysts in Upcoming Quarters

In the months ahead, the StockStory team will be watching (1) progress on late-stage clinical trial readouts and regulatory decisions in oncology and vaccines, (2) the impact of cost-saving initiatives on operating margins as Pfizer approaches upcoming patent expirations, and (3) developments in global trade policy and tariffs that could affect supply chain resilience. Execution on business development and timely new product launches will also be important markers for future performance.

Pfizer currently trades at $24, up from $23.03 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).

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