Pfizer Inc. (NYSE: PFE ) earnings topped Wall Street earnings expectations on Tuesday, but the stock traded lower by 1.6 percent after investors were not impressed by the company’s lackluster growth numbers.

Pfizer reported first-quarter adjusted earnings per share of 77 cents, beating consensus forecasts of 74 cents. However, first-quarter revenue of $19.91 billion fell short of analyst expectations of $13.13 billion and represented just 1 percent growth from a year ago.

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Pneumonia vaccine Prevnar was a bright spot for Pfizer in the quarter, recording sales of $1.38 billion compared to Wall Street forecasts of $1.37 billion. Global Prevnar sales were down 3 percent on the quarter.

Innovative Health revenue was up 3 percent in the first quarter led by 35 percent growth in breast cancer drug Ibrance.

Pfizer says it paid out $2 billion in dividends in the quarter and completed $6.1 billion in share buybacks.

“Our first-quarter 2018 financial results were solid, driven by continued strength from our anchor brands, primarily Ibrance, Eliquis and Xeljanz,” CEO Ian Read says in a statement. “With several potential near-term opportunities in core therapeutic areas, I believe our pipeline presents an unprecedented opportunity to deliver a life-changing impact on a growing number of patients while creating enhanced value for all of our stakeholders.”

Looking ahead, Pfizer reaffirmed its full-year 2018 guidance of adjusted EPS of between $2.90 and $3 and revenue of between $53.5 billion and $55.5 billion. Pfizer also expects full-year adjusted costs of sales as a percentage of revenue of between 20.5 percent and 21.5 percent.

Investors weren’t particularly inspired by the quarter, and CFRA analyst Jeffrey Loo isn’t particularly inspired by PFE stock.

[See: 7 of the Best Blue-Chip Stocks to Buy for 2018 .]

“We think PFE's shares are trading at a discount to branded peers because the generics unit, which accounts for 43 percent of sales, is growing more slowly with lower margins,” Loo says. “But we expect Essential Health sales to improve as we anticipate growing biosimilar sales and strong emerging markets sales.”

CFRA has a “hold” rating and $42 price target for PFE stock.

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