Pfizer Inc. (NYSE: PFE) recently released first-quarter 2022 earnings that were better than expected by Wall Street. COVID-19 vaccinations and antiviral medications were two of the most important drivers of the expansion. Due to the possible increase in the sales market, the firm anticipates that these items will stay in demand in the near future.
Pfizer’s sales increased 77 percent year over year to $25.7 billion in the first quarter. Net income grew 74 percent to $9.3 billion, or $1.62 per share, adjusted. The large sales of the COVID-19 vaccination Comirnaty and the antiviral medication Paxlovid are the key reasons for the increase.
PFE made $13.2 billion in sales from Comirnaty’s vaccine and $1.5 billion from Pfizer’s other medicines in the last quarter, accounting for over half of the pharmaceutical giant’s quarterly revenue. Most likely, this type of income distribution will continue in the foreseeable future.
Pfizer’s revenue projection for 2022 has been reiterated as $98 billion to $102 billion, with $32 billion from Comirnaty and $22 billion from Paxlovid. True, the anticipated EPS range has been lowered to $6.25- $6.45 owing to an accounting change linked to R&D spending.
Booster and pediatric vaccinations, according to Pfizer management, will be critical to the company’s excellent performance in the coming quarters. The expansion of sales to new patient groups will be the main engine of growth.
PFE plans to apply to the US Food and Drug Administration for permission to give its COVID-19 vaccination to children under the age of five by early June.
Pfizer Inc. (NYSE: PFE) stock has dropped -4.08 percent in the last week but is down -9.24 percent in the previous quarter. Going back further, the stock’s price has gone up by more than 8.10 percent in the previous six months but is down -17.95 percent year to date.