Pfizer expanded its cost-cutting plans and posted first-quarter profit above estimates, despite a decline in sales driven by falling revenue from its Covid pill, according to CNBC. The company expanded its cost-cutting initiative to target $7.7 billion in savings by 2027, adding $1.2 billion in expected reductions tied to automation, AI, and streamlining operations. Pfizer reported adjusted earnings per share of 92 cents, beating expectations, while revenue missed forecasts at $13.72 billion. Executives said the 2025 outlook includes $150 million in existing Trump-era tariffs but excludes the potential impact of future policies. Pfizer maintained its 2025 outlook, projecting full-year sales between $61 billion and $64 billion.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Pfizer expanded its cost-cutting plans and posted first-quarter profits above estimates
00:07despite a decline in sales driven by falling revenue from its COVID pill.
00:11And according to CNBC, the company expanded its cost-cutting initiative
00:14to target $7.7 billion in savings by 2027,
00:18adding $1.2 billion in expected reductions tied to automation, AI, and streamlining operations.
00:23Pfizer reported adjusted earnings per share of 92 cents, beating expectations
00:27while revenue misforecasts at $13.72 billion.
00:30Executives said the 2025 outlook includes $150 million in existing Trump-era tariffs
00:35but excludes the potential impact of future policies.
00:38Pfizer maintained its 2025 outlook, projecting full-year sales between $61 billion and $64 billion.
00:44For all things money, visit Benzinga.com slash GSTV.