Pfizer tops earnings estimates, hikes full-year guidance as Covid products help sales
Pfizer on Tuesday reported third-quarter revenue and adjusted profit that blew past expectations as the company's Covid vaccine and antiviral pill Paxlovid helped boost sales.
The pharmaceutical giant also hiked its full-year outlook and now expects to book adjusted earnings per share of $2.75 to $2.95, up from its previous guidance of 2.45 to $2.65 per share.
Pfizer now expects revenue in a range of $61 billion to $64 billion, up from a previous revenue forecast of between $59.5 billion to $62.5 billion. That includes roughly $5 billion in expected revenue from its Covid vaccine and $5.5 billion from Paxlovid.
Here's what the company reported for the third quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
The company booked third-quarter net income of $4.47 billion, or 78 cents per share. That compares with net loss of $2.38 billion, or 42 cents per share, during the same period a year ago. Excluding certain items, including restructuring charges and costs associated with intangible assets, the company posted earnings per share of $1.06 for the quarter.
Pfizer reported revenue of $17.7 billion for the third quarter, up 31% from the same period a year ago.
It is a critical quarterly report for Pfizer, which is cutting costs as it works to recover from the rapid decline of its Covid business and share price over the last two years. The drugmaker's shares are trading at about half of its pandemic-era high, putting its market cap at roughly $163 billion.
Pfizer is also grappling with a proxy battle waged by the activist investor Starboard Value, which has a roughly $1 billion stake in the pharmaceutical company.
Starboard managing member Jeff Smith contends that Pfizer failed to