Drugmaker Pfizer posted a better-than-expected fourth-quarter profit on Thursday, helped by cost cuts it began last year as it aims to show investors steadier execution and growth after large swings related to its COVID-19 vaccine.

Pfizer's fourth quarter beat expectations on strong sales of its Covid vaccine and pill, bolstering its sales as it seeks to fend off criticism from an activist investor that has argued the company squandered its pandemic gains and needs a new path forward.

Pfizer shares, which had risen Tuesday morning after improved demand for the Covid vaccine, dropped 2.3% after Kennedy's nomination moved forward.