The past three years have been disappointing for Pfizer (NYSE: PFE): The drugmaker's revenue, earnings, and stock price have generally moved in the wrong direction. However, it hasn't been all bad -- Pfizer has made some progress on the clinical and regulatory fronts with several brand-new approvals.

And now the company's financial results are improving. Let's look into Pfizer's latest quarterly update and decide whether its shares are worth investing in today.

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Strong financial results

Pfizer's revenue had been southbound because its coronavirus-related revenue dropped off a cliff. That was good news for everyone else -- it was a sign of a receding pandemic. However, COVID-19 is here to stay, and in the third quarter, Pfizer's sales in this market helped it turn things around.

Revenue came in at $17.7 billion, an increase of 31% year over year, which is beyond excellent for a pharmaceutical giant. The coronavirus medicine Paxlovid contributed $2.7 billion to the top line, versus just $202 million in the third quarter of 2023. Comirnaty, Pfizer's famous vaccine, saw sales grow 9% year over year to $1.4 billion.

While Pfizer's acquisition of Seagen in December 2023 also played a role, this quarter once again highlights the continued importance of Pfizer's work in the COVID-19 space. In fact, the drugmaker raised its revenue and earnings-per-share (EPS) guidance for the fiscal year 2024, anticipating better sales for these products.

In announcing second-quarter results, Pfizer said it expected revenue of between $59.5 billion and $62.5 billion and adjusted EPS of $2.45 to $2.65. Those were also upward revisions. Now, the company projects revenue of between $61 billion and $64 billion and EPS in the $2.75 to $2.95 range.

Patience will be rewarded

Pfizer's revenue from its coronavirus portfolio will be somewhat cyclical; people are more likely to get vaccinated in the fall and winter. However, the company's prospects extend far beyond this single product line. It has a vast portfolio and a deep pipeline with more than 100 programs.

Like many other drug developers, Pfizer hopes to carve out a niche in the weight loss space. Management has said that its oral anti-obesity medicine could be the second of its kind to market. There is a need for oral solutions since the current leaders in the field, including Wegovy and Zepbound, are administered via weekly injections.