Pfizer sticks to the script in first-quarter update as cost cuts are ‘largely complete’

The Covid-era swagger is gone. The cost cuts are mostly done. The executives are “cautiously optimistic.” And the stock is up.

On Wednesday, Pfizer stayed away from some of its bolder promises of recent years and emphasized the work it’s doing to rebound from a dismal 2023. No moment exemplified Pfizer’s cautious optimism — a phrase explicitly used by CEO Albert Bourla and other execs 11 times in the 90-minute call — more than CFO Dave Denton ruling out almost all bolt-on M&A for the near future.

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