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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.

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Pfizer | Q1 results

AP | PTI  |  New York 

Pfizer
A person walks past a Pfizer logo amid the coronavirus disease pandemic in the Manhattan borough of New York City (Photo: Reuters)

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.

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.

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.)

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First Published: Tue, May 03 2022. 19:28 IST
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