Pfizer's Q3 Earnings Surpasses Estimates, Lifts Forecasts For COVID-19 Vaccine Sales By $2B

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  • Pfizer Inc PFE has reported a Q3 adjusted EPS of $1.78, up 40% Y/Y, well ahead of the consensus of $1.47. 
  • The company achieved revenues of $22.64 billion, down 6%, beating the Wall Street estimate of $21.37 billion.
  • Its COVID-19 vaccine, Comirnaty, contributed $4.4 billion in direct sales and alliance revenues, down from $12.98 billion a year ago.
  • COVID-19 treatment Paxlovid contributed $7.51 billion in global sales.
  • Albert Bourla, Chairman and CEO, stated, "Over the next 18 months, we expect to have up to 19 new products or indications in the market – including the five for which we have already begun co-promotion or commercialization earlier this year. Many of these 19 programs are already largely de-risked from a clinical perspective, the majority were discovered in-house, and nearly all would be for indications outside of COVID-19."
  • FY22 Outlook: Pfizer revised FY22 sales of $99.5 billion - $102 billion versus the consensus of $99.6 billion and the prior guidance of $98-$102 billion.
  • The company has revised adjusted EPS guidance to $6.40 - $6.50 versus the earlier guidance of $6.30 - $6.45 and the consensus of $6.38.
  • Pfizer raised COVID-19 vaccine sales guidance by 2 billion to $34 billion and around $22 billion in revenue for Paxlovid.
  • Price Action: PFE shares are up 3.97% at $48.40 during the premarket session on the last check Tuesday.
  • Photo via Wikimedia Commons
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Posted In: BiotechEarningsLarge CapNewsGuidanceHealth CarePre-Market OutlookMoversTrading IdeasGeneralBriefsCOVID-19 CoronavirusCOVID-19 Vaccinewhy it's moving
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