Pfizer Inc. PFE is one of the most well-known names in the pharmaceutical sector not just for its medicines and vaccines but also for its consumer healthcare products. This New York-based company is well known for products like Prevnar, Lyrica, Lipitor and Celebrex among others.However, like many of its peers, PFE is facing generic competition and pricing pressure for several products like Lipitor, Norvasc, Protonix, Camptosar, Celebrex and Zoloft. The influx of generic competition will not only put downward pressure on the company’s pricing, it will also result in gross margins contracting.In this scenario, investor focus remains on late-stage pipeline candidates and their commercial potential and performance of new products apart from the usual top-and bottom-line numbers. Pfizer is also looking to strengthen its portfolio through the acquisition of Hospira.PFE has a pretty good earnings track record with the company delivering positive earnings surprises in each of the last four quarters with an average surprise of 7.84%.Currently, PFE has a Zacks Rank #3 (Hold), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:Earnings Beat: PFE beat on first quarter earnings which came in at 67 cents while our consensus called for EPS of 55 cents.Revenue Beat: Revenues were also well above expectations. Pfizer posted revenues of $13.005 billion, compared to our consensus estimate of $11.971 billion. Hospira boosted first quarter revenues by $1.199 billion. Unfavorable currency movement cut Pfizer’s first quarter revenues by 7% ($729 million).Raises Guidance: Pfizer now expects to earn $2.38 - $2.48 per share on revenues of $51 billion - $53 billion. The company had previously guided towards earnings of $2.20 - $2.30 per share on revenues of $49 billion - $51 billion in 2016.The Zacks Consensus Estimate for earnings and revenues are currently $2.29 per share and $51.260 billion, respectively.Pre-Market Trading: Pfizer’s shares were up 3.05% in pre-market trading on the better-than-expected results and raised outlook.Check back later for our full write up on this PFE earnings report!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report PFIZER INC (PFE): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research