Pfizer held to its forecast of $54 billion in Covid related sales this year following stronger-than-expected second quarter earnings and record overall revenues.
Updated at 7:35 am EST
Pfizer Inc. (PFE) – Get Pfizer Inc. Report posted stronger-than-expected second quarter earnings Tuesday, as well as record revenues, while nudging its full-year profit forecast higher amid improving sales of its Covid treatments.
Pfizer said adjusted earnings for the three months ending in June were pegged at $2.04 per share, a 92% increase from the same period last year and well ahead of the Street consensus forecast of $1.79 per share. Group revenues, Pfizer said, surged 46.2% to a record $27.42 billion, a figure that came in well ahead analysts’ estimates of an $25.8 billion tally. Around $8.85 billion of Pfizer’s total revenue came from sales of its Comirnaty vaccine, while Paxlovid contributed $8.1 billion.
Looking into the 2022 financial year, Pfizer lifted the lower end of its adjusted earnings guidance by 5 cents per share, and now forecasts a range of between $6.30 to $6.45 per share.
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The group held onto its forecast for revenues of between $98 billion and $102 billion, but noted that it would have improved by around $2 billion but for currency headwinds linked to the surging U.S. dollar. Covid-related sales, Pfizer said, should combine for around $54 billion in total revenues this year.
“I am very pleased with the performance of our business this quarter, with strong operational revenue and earnings growth driven by multiple therapeutic areas across the company, and our Cvoid franchises continuing to serve patients in need while also propelling us to an all-time high in quarterly sales,” said CFO David Denton. “We continue to prioritize high-value uses for our capital, with an emphasis on reinvesting in our business by funding both internally and externally developed science and innovation while also continuing to grow our dividend and buy back shares, when appropriate, to help offset dilution.”
Pfizer shares were marked 0.7% higher in pre-market trading immediately following the earnings release to indicate an opening bell price of $52.25 each.
Late last month, submitted a new application to the U.S. Food & Drug Administration seeking formal approval for the sale of its Covid oral treatment Paxlovid.
Pfizer said the New Drug Application (NDA) request would apply to patients who are at ‘high risk’ in terms of progressing to severe illness from Covid 19. That would essentially match the parameters of its current Emergency Use Authorization, which the FDA granted in December of last year.
The application follows a new $3.2 billion agreement with the U.S. government for 105 million doses of its Comirnaty Covid vaccine at around $30 per dose, up from the $19.50 price it originally negotiated with it partner, BioNtech BNTX, in late 2020.
Pfizer said last month that it expects record 2022 revenues of more than $100 billon, with gains paced by Comirnaty sales, which are expected to top $32 billion.
