Shares of Pfizer Inc. /zigman2/quotes/202877789/composite PFE -0.20% dropped 2.1% in morning trading Tuesday, even after the drug maker provided an upbeat earnings outlook for this year. Speaking at the J.P. Morgan Health Care Conference, Chief Executive Albert Bourla said the company projects 2021 adjusted earnings per share of $3.00 to $3.10, which is above the current FactSet EPS consensus of $2.96. The company disclosed in a filing with the Securities and Exchange Commission that the financial guidance is subject to a number of assumptions, including current expectations regarding the impact of the COVID-19 pandemic and COVID-19 vaccine supply and contracts, "which remain dynamic." Pfizer, with partner BioNTech SE /zigman2/quotes/214419716/composite BNTX +6.63% , have been supplying a COVID-19 vaccine since it was authorized for emergency use by the Food and Drug Administration. The number of Americans how have received COVID-19 vaccines has so far fallen well short of expectations. Pfizer's stock has gained 6.1% over the past three months, while the SPDR Health Care Select Sector ETF /zigman2/quotes/205918244/composite XLV +0.50% has advanced 7.1% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.49% has tacked on 7.6%.