Pfizer tops Q1 expectations, revises 2022 forecast
Sales of Pfizer’s COVID-19 vaccine and treatment pushed the drugmaker well past expectations in the first quarter, as profit grew 61%.
The coronavirus vaccine Comirnaty brought in more than $13 billion in sales, and the treatment Paxlovid added another $1.5 billion as company revenue swelled 77%, the company said Tuesday.
Pfizer posted adjusted earnings of $1.62 per share in the first quarter, on $25.66 billion in revenue.
Analysts expected per-share earnings of $1.49 on about $24.1 billion in sales, according to FactSet.
Pfizer Inc., based in New York, also revised its 2022 earnings forecast to reflect an accounting policy change. It now expects adjusted earnings of $6.25 to $6.45 per share.
That’s down from its previous forecast for $6.35 to $6.55 per share.
Analysts forecast earnings of $7.14 per share.
Shares ticked slightly higher before the opening bell Thursday.