STORY: Pfizer first-quarter results beat expectations Wednesday (May 1)

The drugmaker also lifted its annual profit forecast.

Pfizer cited cost cuts, and a smaller-than-feared drop in sales for its COVID treatment.

It also credited strong demand for its pneumonia vaccine.

First-quarter sales from COVID-19 shot Comirnaty came in at $354 million, well below analyst forecasts.

Sales of oral antiviral Paxlovid stood at just over $2 billion for the quarter, far beyond analyst expectations.

Pfizer shares soared 4% after the update.

Before Wednesday, shares of the U.S. drugmaker have lost 11% of their value this year.

Investors have worried about growth after the pandemic.

The drugmaker responded with a $43 billion buyout of cancer drugmaker Seagen.

It also produced a $4 billion cost-cut plan and internal restructuring.