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Pfizer: Quarterly jump in profits and sales thanks to coronavirus vaccine

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Pfizer: Quarterly jump in profits and sales thanks to coronavirus vaccine

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

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