U.S. drugmaker Pfizer beat Wall Street estimates for fourth-quarter profit on Tuesday, helped by cost-cutting efforts and better-than-expected sales of its COVID vaccine.

On an adjusted basis, the company earned 63 cents per share for the three months ended Dec. 31, compared with the average analyst estimate of 47 cents per share, according to data compiled by LSEG.

U.S.-listed shares of the company rose 2% in premarket trading.

Pfizer is facing investor pressure to show that its recent acquisitions and investments can bring in returns.

After the immense success of its COVID-19 products during the pandemic, the drugmaker has struggled to convince shareholders that it can make up for the potential revenue loss from some top-selling treatments that are expected to go off patent soon.

The company's shares fell nearly 8% last year, and were up about 2% in premarket hours following results. They trade at less than half their value at the peak of the COVID-19 pandemic.

Total revenue came in at $17.76 billion for the fourth quarter, compared with estimates of $17.36 billion, according to data compiled by LSEG.