Pfizer reported above-forecast numbers on Tuesday, boosted by strong sales from its two Covid-19 drugs.
First-quarter revenues surged 82% on an operational basis, to $25.7bn, while reported net income rose 61% to $7.9bn. Adjusted diluted earnings per share were $1.62, compared to $0.95 a year previously. Analysts had been expecting EPS closer to $1.49 and revenues of $24.1bn
The biggest contribution came from Pfizer’s vaccines unit, which generated sales of $14.9bn compared to $4.9bn in the first quarter of 2021.
Pfizer has two core Covid drugs: Paxlovid, an oral antiviral treatment, and Comirnaty, the vaccine it developed with Germany’s BioNTech. Group operational revenue growth was 2% once they were stripped out.
Albert Bourla, chief executive, said: “I am very proud of our performance this quarter. We continue to supply the world with Comirnaty, which remains a critical tool for helping patients and societies avoid the worst impacts of the Covid-19 pandemic, and we are on track to fulfil our commitment to deliver at last 2 billion doses to low- and middle-income countries in 2021 and 2022, including at least 1 billion doses this year.”
Looking to the rest of the year, 2022 revenues are expected to come in between $98bn and $102bn. Adjusted EPS was revised downwards, primarily due to accounting changes and is now forecast to be in the range of $6.25 to $6.45, compared to earlier guidance for between $6.35 and $6.55.
Pfizer expects to sell around $32bn of Comirnaty and $22bn of Paxlovid during the current financial year.
