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Pfizer beats first-quarter earnings estimates in race to develop coronavirus vaccine

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A logo for Pfizer is displayed on a monitor on the floor at the New York Stock Exchange, July 29, 2019.

reported Tuesday first-quarter earnings that beat Wall Street estimates and reaffirmed its full-year revenue guidance as the drugmaker works to develop a vaccine to prevent the coronavirus.

The drugmaker reported adjusted earnings of 80 cents per share, 7 cents higher than Wall Street analysts polled by Refinitiv expected. The company reported revenue of $12 billion, higher than the $11.8 billion expected.Pfizer estimates it can potentially produce millions of coronavirus vaccine doses by the end of this year.

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