What factors contributed to PFE's consistent earnings surprises?

Pfizer's (PFE) consistent earnings surprises can be attributed to several key factors: 1. **Strong Operational Performance**: Pfizer's ability to exceed earnings expectations is a result of its robust operational efficiency and strong execution. The company's focus on improving revenues and lowering costs has significantly contributed to its earnings growth. 2. **Revenue Growth from Key Products**: The growth in total revenues can be attributed to higher sales of key non-COVID products like Vyndaqel, Padcev, and Eliquis, along with newly acquired products from Seagen. Additionally, higher Paxlovid sales have also driven the top line. 3. **Positive Currency Impact**: The positive currency impact has been a contributing factor to the revenue growth, with international revenues declining operationally but remaining stable in total revenues. 4. **Efficient Cost Management**: Pfizer's adjusted selling, informational, and administrative (SI&A) expenses declined operationally, resulting in lower costs and higher profitability. 5. **Consistent Beat of Earnings Expectations**: Pfizer has a history of consistently beating earnings expectations, with an average surprise of 48.44% over the last two quarters. This track record suggests that analysts' expectations are consistently exceeded, leading to earnings surprises. In summary, Pfizer's consistent earnings surprises are a result of its strong operational performance, revenue growth from key products, positive currency impact, efficient cost management, and consistent beat of earnings expectations. These factors combined have enabled the company to deliver robust financial results that exceed market expectations.