Health
Pfizer’s profits surged in Q1, revised 2022 forecast
Sales of Pfizer’s COVID-19 vaccines and therapeutics far exceeded the expectations of pharmaceutical companies in the first quarter, with profits up 61%.
Sales of COVID-19 vaccines and therapeutics helped Pfizer exceed Wall Street’s first-quarter expectations as pharmaceutical company profits increased 61%.
The coronavirus vaccine Comirnaty generated more than $ 13 billion in sales this quarter, but the company is still trying to expand the vaccination market.
Pfizer leaders said Tuesday they expect to submit data to regulators on the effectiveness of the smaller three-shot combination of vaccines in children under the age of five by early June.
Currently, only children over the age of 5 can be vaccinated against Pfizer in the United States.
Launched at the end of last year, Pax Rovid, a pill treatment, added an additional $ 1.5 billion in the first quarter.
All of this helped the company increase its revenue by 77% compared to last quarter, when vaccine sales were still growing.
Overall, Pfizer posted net income of $ 7.86 billion and adjusted earnings per share of $ 1.62 in the first quarter.
According to a FactSet study, it easily exceeded the $ 1.49 per share predicted by industry analysts.
Revenue of $ 25.66 billion exceeds Wall Street’s forecast of $ 24.1 billion.
Pfizer’s COVID-19 vaccine was launched in late 2020 and was the best-selling product of pharmaceutical companies by the second quarter of last year.
Pfizer will account for most of the revenue from Comirnaty and will split the profits and costs of manufacturing and distributing the vaccine with its development partner BioNTech.
Sales of the vaccine exceeded analysts’ expectations for the quarter, but revenue from Paxlovid was inadequate.
However, drug sales are expected to recover later this year, and President Joe Biden’s administration is pushing for greater access to Paxrovid.
“There are strong signs of increased demand for Paxrovid,” Albert Bourla, chairman and CEO, told analysts on Tuesday.
He added that Pfizer has booked only a small portion of its first-quarter revenue from the approximately 6 million doses it has shipped so far. He said overseas sales will be recorded in the second quarter.
In a research note, Dr. Vamil Divan, an analyst at Mizuho Securities USA, said the earnings of both products are likely to exceed expectations. He said the current forecasts only include contracts signed by the company as of mid-April.
When discussing the quarter at a conference call on Tuesday, another analyst asked Pfizer executives about reports of COVID-19 recurrence in patients after completing a Paxrovid treatment course.
Initial data from external clinical trials showed that these recurrences were reported in less than one in 3,000 patients, company officials said. They point out that patients with weakened immunity can carry the virus for long periods of time, and Pfizer studies whether long-term treatment courses are appropriate in some cases.
Pfizer also revised its 2022 earnings forecast, which debuted in February, on Tuesday to reflect changes in accounting policies. We currently expect adjusted earnings of $ 6.25 to $ 6.45 per share.
This is a sharp drop at both ends of the range from previous forecasts of $ 6.35 to $ 6.55 per share.
Analysts forecast revenue of $ 7.14 per share.
New York-based Pfizer’s share price rose nearly 2% to $ 49.19 on Tuesday.
Pfizer’s share price reached a record high of $ 61.71 on December 20th. However, its price has fallen 18% so far this year, sharply below the approximately 13% drop in the Standard & Poor’s 500 Index.
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AP Medical Writer Lauran Neergaard contributed to this report.
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Follow Tom Murphy on Twitter @thpmurphy
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