PFE earnings are excellent

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Pfizer reports big profit and revenue beats, as COVID drug sales increase by nearly $9 billion


Shares of Pfizer Inc. gained 0.3% in premarket trading Thursday, after the pharmaceutical giant reported big second-quarter profit and revenue beats, driven primarily by "strong contributions" from its COVID drugs Comirnaty and Paxlovid. Net income rose to $9.91 billion, or $1.73 a share, from $5.56 billion, or 98 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.04 beat the FactSet consensus of $1.72. Revenue increased by $8.84 billion, or 46

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Pfizer said adjusted earnings for the three months ending in June were pegged at $2.04 per share, a 92% increase from the same period last year and well ahead of the Street consensus forecast of $1.79 per share. Group revenues, Pfizer said, surged 46.2% to a record $27.42 billion, a figure that came in well ahead analysts' estimates of an $25.8 billion tally. Around $8.85 billion of Pfizer's total revenue came from sales of its Comirnaty vaccine, while Paxlovid contributed $8.1 billion.

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Pfizer Earnings Beat Expectations. Vaccine and Paxlovid Sales Were Higher Than Anticipated.
By Josh Nathan-KazisFollow
Updated July 28, 2022 9:30 am ET / Original July 28, 2022 7:50 am ET
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Pfizer reported its largest quarterly sales figure in the history of the company Thursday, clocking a total of $27.7 billion in revenue, including $8.8 billion from its Covid-19 vaccine, plus $8.1 billion from its Covid-19 antiviral.

The company substantially beat Wall Street expectations on both the top and bottom line. Sales in the second quarter were well above the $25.7 billion FactSet consensus estimate for the quarter, while the company’s adjusted diluted earnings of $2.04 per share beat the consensus call of $1.72.

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The Biden administration said it would spend $1.74 billion to buy 66 million doses of Moderna updated Covid-19 vaccine, as well as the option to purchase up to 234 million additional doses, as part of a fall booster campaign. The deal Friday, which follows an agreement to buy 105 million doses of updated vaccines from Pfizer and partner BioNTech SE is expected to give the federal government enough shots for a booster push as early as September. Under the latest deal, the U.S. government has the option to buy up to an additional 234 million doses from Moderna.

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Pfizer Statement on Zantac Litigation
Thursday, August 11, 2022 - 05:56pm
NEW YORK, N.Y., August 11, 2022 – Pfizer Inc. (NYSE:PFE) – As disclosed in our filings with the U.S. Securities and Exchange Commission since February 2020, a number of lawsuits have been filed against many defendants, including Pfizer, involving Zantac. Pfizer sold Zantac only between 1998 and 2006, and the withdrawal of Zantac products from the market in 2019 and 2020 did not involve any Pfizer products. Pfizer has significant defenses to this litigation and there are significant legal and factual issues that remain to be addressed by the courts. Pfizer also has substantial indemnification claims against others, which have been acknowledged by several manufacturers in their disclosures.  As a result, we believe at this time that the outcome of the litigation is not likely to be material to Pfizer.