Pfizer generated $18.3 billion in quarterly revenues, well exceeding Wall Street estimates, according to its latest earnings report released Tuesday morning.

Despite an expected slide in demand for its COVID-19 vaccine Comirnaty and oral antiviral Paxlovid, the drugmaker benefited from $7.1 billion in revenue from those two products.

Excluding the two coronavirus treatments, Pfizer’s revenues grew 5% operationally.  

For the quarter, the company’s diluted earnings per share (EPS) was $0.97, down 29% year-over-year, while its adjusted EPS was $1.23, down 24%. 

The crowning achievement of Pfizer’s quarter was announcing its $43 billion acquisition of Seagen in March. The transaction is expected to be completed by the end of 2023 or start of 2024. 

The purchase of the cancer-focused biotech is the latest sign that Pfizer is pivoting away from its multiyear focus on COVID-19 and instead leaning into opportunities in the oncology space. 

From a marketing perspective, Q1 was also notable as Pfizer announced it was conducting a full agency review, including its public relations accounts.

Pfizer’s earnings release came days after the Food and Drug Administration approved Prevnar 20 for treating infants and children under the age of 17. The regulatory greenlight adds another pediatric pneumococcal vaccine to Pfizer’s extensive portfolio. 

Pfizer also released its earnings shortly after unveiling results from a Phase 3 trial that found Leuprolide and Astella’s Xtandi reduced the risk of metastasis in prostate cancer.

Looking ahead, the pharma giant reaffirmed its full-year financial guidance and stated that it expects to make a number of anticipated new product and indication launches. 

“This is an exciting time for Pfizer as we are already executing on and rigorously planning for an unprecedented number of anticipated new product and indication launches, most of which are expected to occur in the second half of 2023,” Pfizer CEO Albert Bourla said in a statement. “We have made excellent progress toward this goal already this year with the U.S. approvals for Zavzpret, Cibinqo for adolescents and Prevnar 20 in pediatric patients, and regulatory filing acceptances for a Braftovi + Mektovi sNDA, sNDA for the Talzenna and Xtandi combination, elranatamab BLA and our RSV maternal vaccine candidate — which, if approved, would be the first vaccine for administration to pregnant individuals to help protect against the complications of RSV disease in infants from birth up to six months of age.”