Pfizer (PFE) stock jumped early Wednesday after the Big Pharma behemoth reported adjusted earnings of 82 cents per share on $14.88 billion in first-quarter sales.

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On average, analysts polled by FactSet expected Pfizer to earn an adjusted 51 cents per share on $13.87 billion in sales.

In the year-earlier period, Pfizer earnings were $1.23 a share on $18.49 billion in sales.

For the year, the company raised its earnings guidance and retained its sales outlook. Now, Pfizer calls for adjusted profit of $2.15 to $2.35 per share and $58.5 billion to $61.5 billion in sales. Analysts projected earnings of $2.21 a share and $59.94 billion in sales.

Pfizer says it’s on track to save at least $4 billion in net costs by the end of the year.

In premarket trades on today’s stock market, Pfizer stock rose more than 2% to 26.22.

More to follow.

Follow Allison Gatlin on X, the platform formerly known as Twitter, at @IBD_AGatlin.

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