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Pfizer Shares Tick Higher On Posting Almost Double Q2 Profits, Reaffirms FY22 Sales Forecast For COVID-19 Products

Benzinga · 07/28/2022 07:53
  • Pfizer Inc (NYSE:PFE) has reported a Q2 adjusted EPS of $2.04, up 92% Y/Y, well ahead of the consensus of $1.80. 
  • The company achieved revenues of $27.7 billion, up 53%, beating the Wall Street estimate of $25.98 billion.
  • Its COVID-19 vaccine, Comirnaty, contributed $13.2 billion in direct sales and alliance revenues.
  • COVID-19 treatment Paxlovid contributed $8.1 billion in global sales.
  • The company said it had recorded a $450 million inventory write-off in the second quarter related to its COVID-19 products that had exceeded or are expected to exceed their shelf lives.
  • FY22 Outlook: Pfizer reaffirms FY22 sales of $98 billion - $102 billion, versus the consensus of $102.92 billion.
  • The company has revised adjusted EPS guidance to $6.30 - $6.45 versus the earlier guidance of $6.25 - $6.45 and the consensus of $6.62.
  • Pfizer reiterates COVID-19 vaccine sales of $32 billion and around $22 billion in revenue for Paxlovid.
  • Price Action: PFE shares are up 1.06% at $52.50 during the premarket session on the last check Thursday.
  • Photo by x3 from Pixabay