Earnings Covid Pfizer (PFE) 1st quarter 2022

Albert Bourla, CEO of the pharmaceutical company Pfizer, arrives to ring the bell on the New York Stock Exchange.

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Pfizer cut its earnings guidance for 2022 on Tuesday, despite reporting first-quarter results that went above and below the line due to strong sales of Covid and antiviral vaccines.

The pharmaceutical giant now expects earnings per share of $ 6.25 to $ 6.45 per share for the year, lower than its previous outlook of $ 6.35 to $ 6.55 per share. Pfizer attributed its lower earnings to research and development costs and exchange rate changes. However, the company still forecasts total sales of $ 98 billion to $ 102 billion by 2022.

Pfizer shares rose almost 2% in morning trading.

The company’s first-quarter revenue rose 77% to more than $ 25 billion from the same period last year, due to $ 13.2 billion in Covid vaccine sales in the quarter and $ 1.5 billion in sales of oral antiviral therapy. Paxlovid.

Pfizer posted a net profit of $ 7.8 billion, up 61% from the first quarter of 2021. Adjusted first-quarter earnings rose 72% to $ 1.62 a share from the same period last year.

See how the company performed compared to what Wall Street expected for the first quarter, based on the average estimates of analysts compiled by Refinitiv:

  • Adjusted EPS: $ 1.62 per share, compared to $ 1.47 expected
  • Income: $ 25.66 billion, compared to $ 23.86 billion expected

Pfizer said booster doses and vaccines for children increased its revenue from Covid vaccines in the quarter. Paxlovid sales have come from the release of antiviral therapy in the US, which has ordered 20 million courses. The Food and Drug Administration approved Paxlovid in December.

Pfizer has reaffirmed its $ 32 billion year-over-year lead of $ 32 billion in sales of Covid vaccines and $ 22 billion for Paxlovid. CEO Albert Burla had told analysts earlier this year that revenue from his antiviral treatment could increase, as estimates are based only on agreements that have been signed or are close to finalization.

Paxlovid is an effective treatment for people who have Covid but do not prevent infection. Paxlovid reduced the risk of hospitalization or death from Covid by 90% in a clinical trial of adults who contracted the virus and were at high risk of developing a serious illness. However, it failed to prevent infection in separate test results released Friday by Pfizer.

The Pfizer vaccine is the most widely administered Covid vaccine in the United States and the European Union. In the US, all ages 5 and up are eligible for at least one major two-dose series.

Pfizer submits data to the FDA on the three-dose vaccine for children under 5, the only remaining age group in the US that is not yet eligible for the vaccine. Burla, in an interview with the podcast, said he hoped the vaccine for younger children would be approved in June. The FDA initially sought to approve the first two installments in February, but Pfizer delayed its implementation because the data was not good enough. Burla said a third dose would significantly increase protection for younger children.

Pfizer also recently asked the FDA to approve a third dose for children ages 5 to 11, the only age group eligible for vaccination who has not yet received a booster vaccine in the United States.

CNBC Health & Science

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Earnings Covid Pfizer (PFE) 1st quarter 2022

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