Pfizer (PFE) has reported a surprise profit for the fourth quarter of 2023 as sales of its Covid-19 medications performed better than expected.

The drugmaker reported Q4 earnings per share (EPS) of $0.10 U.S. compared to a loss of $0.22 U.S. that had been expected.

Revenue in the quarter totaled $14.25 billion U.S. versus $14.42 billion U.S. that was forecast on Wall Street. Overall sales were down 41% from a year earlier.

Pfizer's Covid-19 vaccine sales totaled $5.36 billion U.S. in Q4, down 53% from a year earlier. But that result was better than the $4.99 billion U.S. in Covid-19 sales expected on Wall Street.

Pfizer has struggled with a rapid decline in its Covid-19 business, where demand has dropped as the medications transitioned to the commercial market.

Looking forward, the pharmaceutical company reiterated its full-year 2024 guidance that calls for revenue of $58.50 billion U.S. to $61.50 billion U.S.

Pfizer said that it expects 2024 earnings of $2.05 U.S. to $2.25 U.S. per share.

In addition to declining sales of its Covid-19 medications, Pfizer has also struggled to develop a weight loss drug, scrapping a planned weight loss pill after poor clinical trial results.

Pfizer said it hopes that its $34 billion U.S. acquisition of cancer drugmaker Seagen, which closed during Q4 of last year, will restore investor confidence.

The stock of Pfizer has declined 37% over the last 12 months to trade at $27.48 U.S. per share.

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