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Pfizer raised its earnings guidance for the 2021 fiscal year noting that its revenues will range between $59.4 billion and $61.4 billion, with vaccine sales taking a prominent role in the achievement.
American multinational pharmaceutical corporation Pfizer Inc (NYSE: PFE) has released both its Q4 2020 report as well as the 2020 fiscal year earnings boosted in part by its coronavirus vaccine development in the year. Per the official press release, Pfizer reported a 12% increment in its fourth-quarter revenues which came in at $11.684 billion as against the $10.449 billion in the same period in 2019.
The adjusted net income for the quarter is $2.366 billion, up from $2.055 billion reported in Q4 2019. The Adjusted Diluted Earnings Per Share (EPS) is 42 cents, a 14% upgrade from the 36 cents reported in the year-ago period.
The yearly performance also surpassed expectations with total revenues pegged at $41.908 billion, up from the $41.172 billion reported in the year-ago period. Pfizer also recorded a 16% year-on-year growth in its adjusted diluted Earnings Per Share with $2.22 in 2020 and $1.91 in 2019.
“As a company, we saw the culmination of Pfizer’s decade-long conversion into a pure-play, science and innovation-focused company. Right away, our ability to move quickly and utilize cutting-edge science to help address the world’s most important medical challenges was put to the test by the COVID-19 pandemic,” said Dr. Albert Bourla, Pfizer’s Chairman and Chief Executive Officer. “Our record-breaking success at developing a vaccine against COVID-19, along with our partner BioNTech, is just one example of what we believe this new Pfizer is capable of achieving,” added he.
The firm played a prominent role in developing a functional COVID-19 vaccine which it did in partnership with its German partner BioNTech SE (NASDAQ: BNTX). The vaccine developed by the duo is the first to be approved for Emergency Use both in the United Kingdom and the United States of America respectively.
Pfizer closed Tuesday’s trading session with a 2.26% loss to $34.99 but is up 0.83% in the pre-market.
Pfizer Modifying Its Vaccine to Combat Other Strains
Pfizer raised its earnings guidance for the 2021 fiscal year noting that its revenues will range between $59.4 billion and $61.4 billion, with vaccine sales taking a prominent role in the achievement. The firm which said its vaccine revenues may top $15 billion this year is committed to modifying the vaccine to be able to combat new strains found in both the UK and South Africa amongst others.
Many of the existing vaccine developers today are also adjusting their product to be able to take on the new strains that are being discovered and although Pfizer noted earlier based on research led by BioNTech CEO Ugur Sahin that its coronavirus vaccine is effective against the UK Strain, it is ready to alter its formula to ensure adequate protection in inoculated persons should the need arise.