Pfizer More Than Doubles Earnings, Sales In Q3; Forecasts $36B From COVID-19 Vax Sales In FY21

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  • Pfizer Inc PFE reported Q3 adjusted EPS of $1.34, well ahead of the consensus of $1.09, and more than doubled from $0.59 posted a year ago. 
  • The Company achieved Q3 revenues of $24.09 billion, more than doubled, reflecting operational growth of $13.4 billion and the favorable impact of foreign exchange of $421 million, surpassing the Wall Street estimate of $22.71 billion.
  • Its COVID-19 vaccine, Comirnaty, contributed $13.0 billion in direct sales and alliance revenues.
  • Other products, including Eliquis, Vyndaqel/Vyndamax, Inlyta, Xtandi, and Ibrance, contributed to the strength.
  • Chantix sales declined 97%, driven by the voluntary recall, and Prevnar sales dipped 7% due to the ongoing prioritization of primary and booster vaccination campaigns for COVID-19.
  • FY21 Outlook: Pfizer raised FY21 revenue outlook 81 billion - $82.0 billion, up from prior guidance of $78 billion - $80 billion. It expects EPS of $4.13 - $4.18, higher than the previous outlook of $3.95-$4.05.
  • Pfizer has raised its revenue expectation from the COVID-19 vaccine by $2.5 billion to approximately $36 billion.
  • Price Action: PFE shares are up 3.12% at $45 during the premarket session on the last check Tuesday.
  • Photo by x3 from Pixabay
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Posted In: BiotechEarningsLong IdeasNewsGuidanceHealth CareMoversTrading IdeasGeneralBriefswhy it's moving
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