Pfizer beats Q1 earnings estimates

Pfizer reported first-quarter profit and revenue that exceeded Wall Street expectations, driven by strong demand for its newer cancer treatments.

The drugmaker is looking to acquisitions and its oncology portfolio to offset the steep decline in COVID-related product sales.

CEO Albert Bourla also highlighted the company's progress in using artificial intelligence for drug discovery.

Despite the positive results, the company maintains a cautious outlook for the remainder of the year due to global economic uncertainty.