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.
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.
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.
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.