Pfizer (PFE 0.12%) released its first-quarter results this week. The numbers were strong as the company beat analyst expectations for both revenue and earnings. Unsurprisingly, COVID-19 revenue from its vaccine and pill drove a lot of the growth for the business. Pfizer reaffirmed its forecast of $54 billion in revenue from those two products alone.

But what else is generating meaningful growth for the healthcare company? And is Pfizer too dependent on revenue from its COVID-19 vaccine and pill? Here's a quick look at its top products from the past quarter.

A team of scientists reviewing results in a lab.

Image source: Getty Images.

Nearly 60% of revenue is from COVID-19 products

For the first three months of 2022, Pfizer generated $13.2 billion in revenue from Comirnaty and another $1.5 billion from Paxlovid. Together, the COVID-19 products have accounted for over 57% of the company's top line, which totaled $25.7 billion in Q1. They and other products that generated at least $300 million during the quarter are shown below:

Data source: Company filings. Chart by author.

Of the products listed above, the only non-COVID ones that reported double-digit revenue growth were Prevnar (22%) and Vyndaqel/Vyndamax (35%).

Not much growth in the non-COVID segments

One particularly impressive stat is that Pfizer's COVID-19 revenue in Q1 of this year totaled $14.7 billion. That's more than Pfizer's entire top line in the same period last year ($14.5 billion). And so it should be of little surprise that total vaccine sales of $14.9 billion tripled from the $4.9 billion the company reported a year ago. And while hospital drugs grew at a rate of 69%, that's only due to Paxlovid; otherwise, that segment would have been down on a year-over-year basis.

The company's rare disease products generated sales growth of 17%, and that was the only other segment that reported more than 4% growth during the quarter.

Data source: Company filings. Chart by author.

Just another risky COVID-19 stock?

Investing in COVID-19 stocks that have predominantly done well during the past few years because of the pandemic can be a risky strategy. As the rate of hospitalizations declines and COVID-19 becomes less of a concern, revenue will taper off. And that's definitely a worry at this point for Pfizer investors since it could mean a drop of tens of billions of dollars in revenue in future years if the company isn't able to replace its COVID-19 revenue.

However, with the company generating billions in profit during the pandemic, investors don't need to worry just yet as cash can open up many opportunities. While Pfizer is clearly dependent on COVID-19 revenue in order to post strong growth numbers, the company has more than two dozen phase 3 trials currently underway.

Plus, the stock trades at a forward earnings multiple of seven, which is a steep discount compared to the average stock in the Health Care Select Sector SPDR Fund, where investors are paying a multiple of 16. It's clear that some of that risk is already priced into the stock.

Overall, Pfizer is still a healthcare stock worth considering. It has a solid track record for developing drugs over the years, and at a low price it can make for a solid long-term buy.