After a week of disappointing profit and loss statements from large biopharmaceutical companies, Pfizer reversed the trend early Tuesday morning with first-quarter earnings and revenues that beat Wall Street’s expectations.
(ticker: PFE) reported adjusted diluted earnings of 93 cents per share for the quarter, beating the FactSet consensus of 77 cents per share. The company posted revenue of $ 14.6 billion, higher than the FactSet consensus of $ 13.4 billion.
Pfizer also significantly increased its projected Covid-19 vaccine revenue, saying it now expects $ 26 billion in Covid-19 vaccine sales this year, up from the $ 15 billion the company had planned in February. The company expects to be able to produce 3 billion doses of vaccine in 2022 and is in talks with governments for supplies in 2022 and beyond.
At the start of trading on Tuesday, the stock rose 0.4%. Pfizer shares are up 8.2% this year, up 9.2% over the past 12 months.
The company also raised its financial outlook for the full year. For 2021, he expects adjusted diluted earnings of $ 3.55 to $ 3.65 per share, up from the previous forecast of $ 3.10 to $ 3.20 per share. Revenues for the year are projected to range from $ 70.50 billion to $ 72.5 billion, up from a previous estimate of $ 59.4 billion to $ 61.4 billion.
Pfizer also said it now expects data from an ongoing trial of a third booster dose of its Covid-19 vaccine by early July and may request an emergency approval for a booster dose from the US Food and Drug Administration by the end of July. He said he plans to ask the agency for full approval of the Covid-19 vaccine by the end of May.
“I am very proud of the way we started 2021 with strong financial results in the first quarter,” said CEO Albert Burla in a statement. “Even without taking into account the growth envisaged [the Covid-19 vaccine], our operating revenue grew by 8%, in line with our stated goal of at least 6% CAGR through 2025. ”
The positive profit surprise came after a string of disappointing first-quarter earnings for virtually all large-cap pharmaceutical companies that reported, including
Bristol Myers Squibb
(LLY). The only exception was a fellow manufacturer of the Covid-19 vaccine.
Johnson and Johnson
(JNJ) which exceeded expectations when he announced on April 20.
In a note released early Tuesday, Mizuho analyst Vamil Diwan said that while huge increases in Covid-19 vaccine sales expectations would attract attention, the company’s core business also performed well.
“Much of the increase in forecasts was driven by heightened expectations for Covid-19 vaccine sales … but the forecast for the core business was also modestly raised,” Diwan wrote. “There are a few moving parts in Pfizer’s history at this point, but we believe most of their core assets are performing well and are impressed with their success with the Covid-19 vaccine.”
The company said that, in addition to the Covid-19 vaccine, operating growth this quarter was mainly driven by sales of its blood clot drug Eliquis, which rose 25%, and sales of a heart drug called Vyndaqel / Vyndamax, which were up 88%. online. Sales of his cancer drug Xeljanz are up 18%.
Pfizer has included a number of updates to its income statement, including news of the suspension of registration for an experimental cancer drug called elranatamab, after observing three cases of peripheral neuropathy among patients in the study. He said he provided information on the cases to the FDA.
Pfizer said it will test a combination vaccine for its experimental 20-valent pneumococcal conjugate vaccine, which aims to prevent pneumococcal disease, with the Covid-19 vaccine, with results expected by the third quarter of 2021. The company also plans to begin testing two potential messenger RNA influenza vaccines in the third quarter of 2021.
Pfizer has confirmed its projected average annual revenue growth of at least 6% through 2025, excluding revenue from the Covid-19 vaccine – a forecast that has been central to the company’s restructuring.
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