Pfizer: Higher earnings and revenue in Q2 due to coronavirus drugs

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Pfizer shares rose 0.3% in pre-conference trading as the drug giant reported higher second-quarter earnings and revenue, mainly due to its coronavirus drugs Comirnaty and Paxlovid.

Net income rose to $9.91 billion, or $1.73 a share, from $5.56 billion, or 98 cents a share, a year ago.

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Stripping out one-time items, adjusted earnings per share of $2.04 beat estimates of $1.72.

Revenue rose $8.84 billion, or 46.8%, to $27.74 billion, well above the consensus estimate of $25.49 billion.

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Stripping out the impact of the two coronavirus drugs, revenue rose 1%.

For 2022, Pfizer raised estimates for adjusted earnings per share to $6.30-$6.45, from $6.25-$6.45, while affirming revenue estimates of $98-$102 billion, which include expected revenues from Comirnaty and Paxlovid, of $32 and $22 billion respectively.

Source: Capital

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