Pfizer on Tuesday raised its 2022 earnings guidance after booking a strong third quarter that beat Wall Street expectations.
Pfizer now expects earnings per share of $6.40 to $6.50 for the year, up from its previous forecast of $6.30 to $6.45. The pharmaceutical company also raised the lower end of its sales guidance and now expects revenues of $99.5 billion to $102 billion for the year.
Pfizer raised its full year sales guidance for its Covid-19 vaccine to $34 billion this year, up $2 billion from the company’s previous expectations. The company is maintaining its revenue expectations of $22 billion for the antiviral pill Paxlovid.
Its shares rose by about 4% in premarket trading.
Here’s how the company performed compared with what Wall Street expected for the third quarter, based on analysts’ average estimates compiled by Refinitiv:
- Adjusted EPS: $1.78 per share vs. $1.39 expected
- Revenues: $22.6 billion vs. $21 billion expected
Pfizer’s sold $4.4 billion of its Covid vaccine worldwide in the quarter, a decrease of 66% compared to the same period last year. It sold $7.5 billion of the Paxlovid treatment during the quarter that ended Sept. 30.
Pfizer booked net income of $8.6 billion for the third quarter, a 6% increase over the same quarter last year.
Pfizer CEO Albert Bourla indicated that company is looking beyond the Covid pandemic which has led to record windfalls for the pharmaceutical giant.
Bourla said in a statement that Pfizer plans to launch 19 new products or new uses for existing drugs in the next 18 months. The company, for example, reported positive clinical trial data Tuesday for its maternal RSV vaccine that protects newborns.
The RSV vaccine is administered as a single dose to the mother in the late second or third trimester of her pregnancy. Pfizer’s data showed that in the first 90 days of the baby’s life, the vaccine was 81% effective at preventing severe lower respiratory tract illnesses that require hospitalization or assisted breathing.
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