Sales of Pfizer’s COVID-19 vaccine and treatment pushed the drugmaker well past expectations in the first quarter, as profit grew 61%.
The coronavirus vaccine Comirnaty brought in more than $13 billion in sales, and the treatment Paxlovid added another $1.5 billion as company revenue swelled 77%, compared to last year’s quarter, when vaccine sales were still ramping up and the treatment had yet to debut.
Pfizer on Tuesday posted net income of $7.86 billion, and adjusted earnings of $1.62 per share in the first quarter, easily topping the $1.49 projected by industry analysts, according to a survey by FactSet. Quarterly profits far exceeded last year’s $4.88 billion.
Revenue was $25.66 billion, also beating Wall Street expectations for $24.1 billion.
Pfizer Inc., based in New York, also revised its 2022 earnings forecast to reflect an accounting policy change. It now expects adjusted earnings of $6.25 to $6.45 per share.
That’s down a dime on both ends of the range from its previous forecast for $6.35 to $6.55 per share.
Analysts forecast earnings of $7.14 per share.
The company still expects that 2022 total revenue will range between $98 billion and $102 billion. It expects Comirnaty to bring in about $32 billion in sales this year, with Paxlovid pulling in about $22 billion.
All three projections fall below Wall Street’s expectations for the year. Analysts forecast total revenue of $105.92 billion, according to FactSet.
Shares slipped 1% before the opening bell Tuesday.