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Pfizer Reports Q2 Earnings Results amid Its Work on COVID-19 Vaccine, PFE Stock Up 2%

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by Tolu Ajiboye · 3 min read
Pfizer Reports Q2 Earnings Results amid Its Work on COVID-19 Vaccine, PFE Stock Up 2%
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Today in the morning, Pfizer has published its Q2 earnings results. Revenues of $11.8 billion reflect a 9% operational decline.

Pfizer Inc (NYSE: PFE) rose 2% in premarket trading after the pharmaceutical corporation’s second-quarter earnings result beat experts’ expectations. Amid reported losses for many companies, Pfizer is one of the few benefiting from the coronavirus pandemic because of its COVID vaccine.

Pfizer Q2 Earnings Results

Released on the 28th July, Pfizer’s Q2 report shows that the company made a total of $11.8 billion in the quarter. This is a loss of 11% over the $13 billion made in Q2 of the previous year. Though the impact of the financial crisis is obvious, the figures managed to beat the $11.5 billion analyst estimates.

Pfizer’s CEO, Albert Bourla commented on the Q2 performance:

“Our performance in the first half of the year highlights the resiliency of our business even during the most challenging times.”

Earlier, the Zacks Consensus Estimate predicted earnings per share of $0.64. However, PFE quarterly report showed earnings of $0.78 per share. The Q2 report represents a 21.88% increase in earnings, compared to Q1, when the company reported a 12.68% increase over the previous quarter.

At the moment, Pfizer is partnering with BioNTech (NASDAQ: BNTX), to develop a safe and effective coronavirus vaccine. Announced on March 16, the partnership has proven to be productive as the companies have jointly produced four vaccine candidates. BNT162b1 and BNT162b2, two of the vaccine candidates, recently received a “Fast Track Designation” from the US Food and Drug Administration (FDA). In addition, the US government made a $1.95 billion deal with the companies for an approved vaccine. The deal presupposes an initial delivery of 100 million doses, and 500 million doses later. The $1.95 billion deal with Pfizer and BioNTech appears to be the biggest yet signed, as part of the US government Operation Warp Speed

Speaking on the company’s effort to produce an effective coronavirus vaccine, the CEO added:

“We remain fully committed to confronting the public health challenge posed by the COVID-19 pandemic by collaborating with industry partners and academic institutions to develop potential approaches to prevent and treat COVID-19. Our researchers and scientists have made important progress towards developing an effective vaccine through significant additional work remains.”

Pfizer Stock Rose After The Release Of Second Quarter Result

Shortly after the second-quarter earnings release, Pfizer’s stock jumped by 2% in premarket figures. Generally, PFE rose over 15.2% this month, which looks quite impressive. 

The pharmaceutical company is optimistic about the final half of 2020. Pfizer predicts between $48.6 billion and $50.6 billion in revenue and improved earnings of $2.85 to $2.95 per share.

Currently, PFE is open at $38.20, a 1.75% increase over its last close of $37.54. With a market cap of $208.53 billion, PFE has declined by 2.25% in 2020. In the past year, the company’s stock also fell over 1%. However, its 1-month performance shows an increase of 17.12% and 1.03% in the last three months. In addition, PFE gained 4.39% in the last five days. 

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Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

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