Pfizer (PFE) earnings for the second quarter of 2022

Paxlovid, a pill for the treatment of the coronavirus disease (COVID-19), is seen in boxes at the Misericordia Hospital in Grosseto, Italy, on February 8, 2022.

Jennifer Lorenzini | Reuters

Pfizer’s second-quarter revenue and profit beat Wall Street expectations, boosted by sales of its Covid-19 vaccine and antiviral treatment Paxlovid.

Pfizer reported revenue of $27.7 billion, a 47% year-over-year increase and the highest quarterly sales on record. The pharmaceutical company has earned $9.9 billion, a 78% increase over the second quarter of 2021.

Here’s how the company performed compared to what Wall Street expected in the second quarter, based on average analyst estimates from Refinitiv:

  • Adjusted EPS: $2.04 per share, versus the expected $1.78
  • Income: 27,700 billion dollars, vs. 25,700 billion

Pfizer’s Covid vaccine earned $8.8 billion in the second quarter, while sales of Paxlovide were $8.1 billion. The company maintained its 2022 vaccine sales guidance of $32 billion and still expects $22 billion for Paxlovid.

Pfizer also largely reiterated its overall revenue and earnings guidance for 2022. Pfizer expects $98 billion to $102 billion in sales this year and earnings of $6.30 to $6.45 per share. The company raised the lower end of its earnings guidance by 5 cents.

Pfizer and its German partner BioNTech struck a $3.2 billion deal in June to provide the US government with 105 million doses of the vaccine ahead of an expected fall vaccination campaign. The command may contain updated shots targeting the omicron and its variants. The US has the option to buy another 195 million doses.

The companies said delivery of the plans could begin as soon as late summer with shipments continuing into the fourth quarter.

The Food and Drug Administration has told vaccine makers to begin developing shots targeting the omicron subvariants BA.4 and BA.5, which have caused the current summer wave of infections in the US. they are more transmissible than past variants.

Public health officials are concerned that the US will face a major wave of Covid infections this fall as vaccine immunity wanes and people move indoors to escape the cold weather. Scientists and health officials hope that updated shots that also target the omicron will provide more lasting protection this fall.

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Pfizer (PFE) earnings for the second quarter of 2022

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