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Both COVID-19 sales and Paxlovid contributed immensely to the impressive financial report Pfizer announced for Q2 2022.
Pharmaceutical and biotechnological corporation Pfizer (NYSE: PFE) saw an uptick in sales in Q2 2022, exceeding analysts’ expectations. The company reported a surge in revenue and profit, majorly fueled by its coronavirus vaccine and antiviral treatment Paxlovid. According to the Q2 2022 earnings, Pfizer reported revenues of $2.27.7 billion, representing a 47% jump compared to Q2 2021. The pharmaceutical company recorded its largest quarterly sales over the last three months. Also, net income came in at a 78% gain YoY to $9.9 billion.
Pfizer recorded a significant difference over analysts’ expectations for Q2 2022. Adjusted earnings per share were $2.04 in the quarter, while analysts’ average estimate was $1.78. In addition, the drug maker’s revenue of $27.7 billion surpassed the $25.7 billion expected.
Pfizer Announces Q2 2022 Performance
Both COVID-19 sales and Paxlovid contributed immensely to the impressive financial report Pfizer announced for Q2 2022. Vaccine sales pulled in $8.8 billion in revenue for the quarter, while Paxlovid sales pulled in $8.1 billion in the same quarter. With the profit pace, Pfizer is maintaining full-year guidance on its vaccine and Paxlovid sales. The company expects sales for 2022 to arrive at $32 billion and Paxlovid sales at $22 billion. The pharmaceutical and biotech corporation also emphasized its annual revenue and earnings guidance. While it expects $98 billion to $102 billion in sales, the company expects earnings per share to fall between $6.30 and $6.45. Notably, the drug maker upped the lower range of its earnings guidance by 5 cents.
Pfizer CEO Albert Bourla acknowledged that the company made “significant progress in Q2 2022. He said the company managed to come out stronger despite setting goals and launching impactful initiatives. Bourla also boasted of the record quarterly sales in history. Expressing his excitement with the earnings performance, CFO David Denton added:
“We continue to prioritize high-value uses for our capital, with an emphasis on reinvesting in our business by funding both internally and externally developed science and innovation while also continuing to grow our dividend and buy back shares, when appropriate, to help offset dilution. I am confident that Pfizer is well-positioned to continue to deliver exceptional value for our patients and shareholders going forward.”
In post-trading hours, Pfizer stock is up 0.35% to $50.90. The company has gained 18.53% in the last twelve months and 0.42% in the last three months. On the other hand, the pharmaceutical company has plunged 14.11% since the year began and 3.26 over the past month. In the last five days, PFE has lost 0.78%.