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Pfizer lowers forecast for 2022 despite issuing solid numbers for Q1

By Yashasvini Razdan - May 03, 2022, 11:22 PM ET
Last Updated - Feb 26, 2024, 07:06 AM EST
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Pfizer attributed its lower earnings guidance to research and development costs and changes in foreign exchange rates.

company cut its earnings per share expectation to $6.25 to $6.45 per share for the year, down from its previous outlook of $6.35 to $6.55 per share

• The company’s Q1 revenue grew 77% to $25.7 billion compared to the same period last year

Pfizer Inc. (NYSE: PFE) reduced its earnings forecast for 2022 despite reporting an upbeat quarterly profit and revenue for the first quarter.

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The company cut its earnings per share expectation to $6.25 to $6.45 per share for the year, down from its previous outlook of $6.35 to $6.55 per share.

However, the pharmaceutical behemoth is still projecting $98 billion to $102 billion in total sales for 2022.

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