Jennifer Lorenzini | Reuters
Pfizer’s second-quarter revenue and profit beat Wall Street expectations, driven by sales of its Covid-19 vaccine and antiviral drug Paxlovid.
Pfizer generated $27.7 billion in revenue, a 47% increase over the same period last year and its largest quarterly sales ever. The drug company reported $9.9 billion in net income, up 78% from the second quarter of 2021.
Here’s how the company performed compared to what Wall Street expected for the second quarter, based on average analyst estimates compiled by Refinitiv:
- Adjusted EPS: $2.04 per share, versus $1.78 expected
- Revenues: $27.7 billion compared to $25.7 billion
Pfizer’s Covid vaccine generated $8.8 billion in revenue for the second quarter, while Paxlovid had total sales of $8.1 billion. The company maintained its 2022 sales guidance for a $32 billion vaccine and is still forecasting $22 billion for Paxlovid.
Pfizer largely repeated its gross revenue and earnings guidance for 2022. Pfizer expects sales of $98 billion to $102 billion this year and earnings per share of $6.30 to $6.45. The company raised the minimum dividend payout limit by 5 cents.
Pfizer and its German partner BioNTech signed a $3.2 billion deal in June to provide 105 million doses of vaccine to the US government ahead of an expected fall vaccination campaign. The order may include updated snapshots targeting OMICRON and its sub-variables. The United States has the option to purchase another 195 million doses.
The companies said deliveries of the shots could begin as soon as late summer, with shipments continuing into the fourth quarter.
The FDA has asked vaccine makers to begin developing shots targeting the omicron BA.4 and BA.5 sub variants, which are now prevalent in BA. More portable than previous variants.
Public health officials worry that the United States will face a major wave of Covid infections this fall as immunity from vaccines wanes and people head indoors to escape the cold weather. Scientists and health officials hope the updated shots that also target Omicron will provide more lasting protection this fall.