Pfizer rides Paxlovid sales to better-than-expected quarter

By AP News

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Pfizer’s COVID-19 treatment helped the pharmaceutical giant balance tumbling international sales for its coronavirus vaccine and top third-quarter expectations

Pfizer’s COVID-19 treatment helped the pharmaceutical giant balance tumbling international sales for its coronavirus vaccine and top third-quarter expectations.

The pill treatment Paxlovid brought in $7.5 billion in sales in the quarter and has generated more than $17 billion so far this year.

Sales from the vaccine Comirnaty, meanwhile, tumbled 66% to $4.4 billion in the quarter, mainly due to changes in a European Commission supply agreement that pushed dose deliveries into the fourth quarter. Sales also were hurt by slow demand in emerging markets.

But vaccine sales jumped in the United States after regulators approved a new booster dose and expanded access to children as young as 6 months old.

Pfizer also announced Tuesday that a large international study found vaccinating moms-to-be was nearly 82% effective at preventing severe cases of RSV, the common but scary respiratory virus, in their babies’ most vulnerable first 90 days of life.

Overall, Pfizer’s profit jumped 6% to $8.61 billion in the quarter, or $1.78 adjusted earnings per share. That easily topped analyst expectations of $1.39, according to a survey by FactSet.

Revenue slid 6% to $22.64 billion as the strong dollar dented international sales, falling short of Wall Street projections of $21.07 billion in sales.

Pfizer Inc., based in New York, also raised and narrowed its 2022 earnings forecast. It now expects adjusted earnings to range between $6.40 and $6.50 per share.

Analysts forecast earnings of $6.40 per share.

Company shares jumped 4% before the opening bell.

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Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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