Pfizer lifts outlook after third-quarter earnings beat
By Josh White
Date: Tuesday 01 Nov 2022
(Sharecast News) - Pfizer shares were in the green in early Wall Street trading on Tuesday, as the pharmaceutical giant hiked its outlook on the back of a third-quarter earnings beat.
The company reported adjusted earnings of $1.78 per share, up from $1.27 a year ago and well ahead of the $1.39 per share expected by market participants.
Its unadjusted earnings came in at $1.51 per share on net income of $8.61bn, rising from $1.42 per share and net income of $8.15bn year-on-year.
Pfizer put the strength down to the performance of its Covid-19 antiviral treatment Paxlovid and its blood thinner Eliquis, as well as the launch of its bacterial pneumonia vaccine Prevnar in the US.
Total third-quarter revenue fell to $22.64bn from $24.04bn a year earlier, but still topped consensus expectations for $21.07bn.
Looking ahead, Pfizer lifted the bottom end of its revenue guidance range for the full year, saying it now anticipated turnover of between $99.5bn to $102bn, and pencilled in earnings per share of between $6.40 and $6.50, compared to its previous forecast for $6.30 to $6.45.
"Third-quarter results demonstrated commercial strength across many areas of our business, but were somewhat obscured by the incredibly strong performance in the prior year," said chief financial officer and executive vice-president David Denton.
"We saw strong operational performance this quarter from key brands such as Paxlovid and Eliquis, particularly in the US, as well as the continued impressive launch of Prevnar 20 for adults in the US.
"In addition, we continue to make progress toward our goal of adding at least $25bn in risk-adjusted 2030 revenues to Pfizer's portfolio through business development."
Denton said that since the company last reported earnings, it had completed the acquisitions of Biohaven and Global Blood Therapeutics, each of which were bringing "significant scientific breakthroughs" and which presented opportunities to add value.
"I look forward to continuing to execute on Pfizer's strategies to deliver breakthroughs to patients and value to shareholders."
At 1211 EDT (1611 GMT), shares in Pfizer were up 2.58% at $47.75.
Reporting by Josh White for Sharecast.com.
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