By Bhanvi Satija and Sriparna Roy

(Reuters) -Pfizer lifted its annual profit forecast on Wednesday, and reported first-quarter results that topped Wall Street estimates on cost cuts, a smaller-than-feared drop in sales of its COVID antiviral treatment and strong sales of its pneumonia vaccine.

Sales of cancer treatment Padcev, which Pfizer gained through its $43 billion deal for Seagen, also came in ahead of analysts' expectations.

The Seagen deal, as well as its $4 billion cost-cutting plan, are a key part of Pfizer's post-COVID growth strategy. Investors have also been tracking the performance of the company's new RSV vaccine, which has been trailing a rival shot from GSK since they both launched.

The company raised both ends of its 2024 profit forecast range by 10 cents and now expects to earn $2.15 to $2.35 per share. Shares of the New York-based drugmaker, which have lost 11% of their value this year, rose about 1% to $25.89 in premarket trading.

Seagen's targeted cancer therapies Padcev and Adcetris brought in combined sales of $598 million in the quarter for Pfizer, however Adcetris sales fell short of analysts' expectations.

"We believe stronger new launch performance and further progress on the pipeline will be necessary to change the current narrative on the stock," said JP Morgan analyst Chris Schott.

Pfizer said it still expects $8 billion in combined sales of its COVID-19 products, the vaccine Comirnaty it shares with BionTech and oral antiviral Paxlovid.

Paxlovid sales dropped 50% to $2.04 billion for the quarter, still well above the $762.5 million analysts had expected.

Pfizer last year renegotiated a U.S. contract, allowing the government to return unused Paxlovid inventory. It recorded a $771 million favorable adjustment in the quarter related to the U.S. government return of some treatment courses.

Sales of the COVID vaccine fell 88% to $354 million, missing estimates of $496.5 million.

Prevnar pneumonia vaccines brought in sales of $1.69 billion, beating estimates of $1.66 billion.

Sales of Pfizer's closely watched Abrysvo vaccine for protection against respiratory syncytial virus (RSV) were just $145 million, far short of the $353.3 million expected by analysts.

Pfizer posted an adjusted profit of 82 cents per share, while analysts on average were expecting it to earn 52 cents, according to LSEG data.

(Reporting by Bhanvi Satija and Sriparna Roy in Bengaluru; Editing by Arun Koyyur and Bill Berkrot)