Pfizer Inc’s quarterly profits were higher than expected, mainly due to sales of the coronavirus vaccine and the Paxlovid antiviral.
The company reported net income of $ 7.864 billion, or $ 1.37 per share, for the quarter, up from $ 4.877 billion, or 86 cents a share, a year ago.
Adjusted earnings per share stood at $ 1.62, well above estimates for $ 1.49.
Revenue rose 77 percent to $ 25.661 billion from $ 14.516 billion a year ago, well above estimates of $ 24.099 billion.
“We continue to supply the world with the coronavirus vaccine, which remains a critical tool in helping patients and societies avoid the worst effects of the pandemic.
“We are on track to deliver at least 2 billion doses to low-income countries in 2021 and 2022, including 1 billion doses this year,” said CEO Albert Burla in a statement.
Vaccine revenue rose to $ 13.2 billion from $ 3.2 billion, with Paxlovid sales rising to $ 1.5 billion.
The company maintains estimates for the whole year and speaks of revenues of 98-102 billion dollars, against estimates for 105.9 billion dollars.
It expects sales of the vaccine at $ 32 billion and Paxlovid at $ 22 billion.
Adjusted earnings per share are expected at $ 6.25-6.45, compared to the initial estimate of $ 6.35-6.55, due to an accounting change.
Source: Capital
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.
