Pfizer lowers forecast for 2022 despite issuing solid numbers for Q1
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.
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.
The good numbers
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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