Pfizer (NYSE:PFE) shares rose today on first-quarter financial results that came in ahead of the consensus forecast.
The New York-based pharmaceutical company posted profits of $7.9 billion, or $1.37 per share, on sales of $25.7 billion for the three months ended April 3, 2022, for a 61.2% bottom-line gain on sales growth of 76.8%.
Adjusted to exclude one-time items, earnings per share were $1.62, 15¢ ahead of Wall Street, where analysts were looking for sales of $23.9 billion.
Pfizer reported 82% operational growth overall, while the company registered operational growth of 2% when excluding its Comirnaty COVID-19 vaccine and Paxlovid oral COVID-19 treatment. Comirnaty sales grew by $10.2 billion to $13.2 billion in the quarter, while Paxlovid contributed $1.5 billion to global sales, driven by the U.S. launch of the treatment in December 2021 and following international launches.
“I am very proud of our performance this quarter, both from a financial perspective and from the standpoint of trying to be a force for good in the world,” Pfizer Chair and CEO Albert Bourla said in a news release. “We continue to supply the world with Comirnaty, which remains a critical tool for helping patients and societies avoid the worst impacts of the COVID-19 pandemic, and we are on track to fulfill our commitment to deliver at least 2 billion doses to low- and middle-income countries in 2021 and 2022, including at least 1 billion doses this year. In addition, we are delivering on our production commitments for Paxlovid, which is already having a profound impact on the lives of patients.”
Pfizer said it now expects to log adjusted EPS of between $6.25 and $6.45, reflecting a 10¢ drop at each end from the previously projected range of $6.35 to $6.55. The company’s revenue guidance remains unchanged at 27% operational growth from 2021 revenues at the midpoint.
The company projects approximately $32 billion in Comirnaty revenues and $22 billion in Paxlovid revenues for the full year.
PFE shares were up 1.7% at $49.22 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was practically unchanged.