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Pfizer Boosts Profits 61% Thanks to COVID-19 Vaccine

Pfiser

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Pharmaceutical company Pfizer announced Tuesday net profits of $7.864 billion in the first quarter of the year, up 61% from the 4,877 achieved in the same period of 2021, thanks largely to sales of its COVID-19 vaccine.

Pfizer increased its revenue by 77 % year-on-year to $25.661 billion; and earned between January and March $1.37 per share, up from $0.86 a year ago.

Revenues from vaccine sales totaled $14.941 billion, ($13.200 from sales of its COVID-19 vaccine) versus $4.894 in the same period of 2021.

It also recorded a turnover of 1.5 billion for its oral antiviral treatment Paxlovid.

The next highest-grossing segment was the hospital segment, which grew by 69% to $3,191 million, followed by oncology ($2,967 million), which rose by 4%.

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In the internal medicine segment, revenue was $2,440 million, down 6 % compared with the first three months of 2021.

Pfizer announced that for the year as a whole it expects to bring in between $98 billion and $102 billion, of which $32 billion will be from its covid-19 vaccine and $22 billion from the sale of Paxlovid.

It also lowered its earnings-per-share outlook to the range of $6.25 to $6.45 per share. It had previously estimated full-year earnings per share of $6.35 to $6.55.

Pfizer justified this reduction in its outlook by its increased investment in research and development and foreign exchange rates.

The firm’s CEO, Albert Bourla, said he was “very proud” of the results achieved in the quarter, and CFO Frank D’Amelio described the first three months of the year as “solid.”

The figures presented by Pfizer did not convince analysts, and the company’s shares were down 1.26% in electronic trading prior to the opening of Wall Street.

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