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• 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.
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.
Pfizer attributed its lower earnings guidance to research and development costs and changes in foreign exchange rates.
Pfizer’s first quarter revenue grew 77% to $25.7 billion compared to the same period last year. Out of this, $13.2 billion, came from its COVID shot, beating Wall Street’s $10.6 billion estimate. More than 80% of the shot’s sales came from outside the U.S.
Pfizer’s oral antiviral treatment pill, Paxlovid, generated $1.5 billion in sales.
Pfizer reaffirmed its full-year 2022 guidance of $32 billion in COVID vaccine sales and $22 billion for its COVID pill, Paxlovid.
Pfizer booked a net income of $7.8 billion, a 61% increase over the first quarter of 2021. Adjusted first-quarter earnings grew 72% to $1.62 per share versus the analysts’ estimate of $1.47, compared to the same period last year.
Source - Pfizer
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