 "Pfizer's profit grows by 61% in first qtr; company 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 61per cent.
The coronavirus vaccine Comirnaty brought in more than USD13 billion in sales, and the treatment Paxlovid added another USD1.5 billion as company revenue swelled 77per cent, the company said Tuesday.
Pfizer posted adjusted earnings of USD1.62 per share in the first quarter, on USD25.66 billion in revenue.
Analysts expected per-share earnings of USD1.49 on about USD24.1 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 USD6.25 to USD6.45 per share.
That's down from its previous forecast for USD6.35 to USD6.55 per share.
Analysts forecast earnings of USD7.14 per share.
Shares ticked slightly higher before the opening bell Thursday.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app