Pfizer tops Wall Street estimates as vaccine, antiviral sales climb


Pfizer Inc. PFE, -1.49% posted better-than-expected first-quarter earnings on Tuesday, boosted by sales of its COVID-19 vaccine and antiviral Paxlovid. The company posted net income of $7.864 billion, or $1.37 a share, for the quarter, up from $4.877 billion, or 86 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.62, well ahead of the $1.49 FactSet consensus. Revenue climbed 77% to $25.661 billion from $14.516 billion a year ago, also ahead of the $24.099 billion FactSet consensus. “We continue to supply the world with (COVID vaccine) Comirnaty, which remains a critical tool for helping patients and societies avoid the worst impacts of the COVID-19 pandemic, and we are on track to fulfill our commitment to deliver at least 2 billion doses to low- and middle-income countries in 2021 and 2022, including at least 1 billion doses this year,” CEO Albert Bourla said in a statement. COVID vaccine revenue grew to $13.2 billion from $3.2 billion, while sales of its antiviral Paxlovid rose to $1.5 billion. The company stuck with its full-year guidance for revenue of $98.0 billion to $102.0 billion, which compares with a FactSet consensus of $105.9 billion. It expects COVID vaccine sales of about $32 billion and Paxlovid sales of about $22 billion. It expects adjusted EPS of $6.25 to $6.45, down from earlier guidance of $6.35 to $6.55, due to an accounting change. Shares were up 0.5% premarket but have fallen 18% in the year to date, while the Dow Jones Industrial Average DJIA, +0.26% has fallen 9%.

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