Categories Analysis, Health Care
Four noteworthy points from Pfizer’s (PFE) Q3 2022 earnings report
The company lifted its adjusted EPS guidance to $6.40-6.50 from the prior range of $6.30-6.45
Shares of Pfizer Inc. (NYSE: PFE) were up 3% on Tuesday after the company beat estimates for the third quarter of 2022 and raised its guidance for the full year. The pharma giant also lifted its sales outlook for its COVID-19 vaccine Comirnaty while reaffirming the guidance for its COVID-19 pill Paxlovid. Here are the four major highlights from its earnings report:
Pfizer delivered revenues of $22.6 billion for the third quarter of 2022, which despite declining 6% year-over-year came ahead of estimates. On a reported basis, net income increased 6% YoY to $8.6 billion, or $1.51 per share. Adjusted EPS rose 40% to $1.78, beating expectations.
COVID-19 vaccine outlook
In Q3 2022, Pfizer’s COVID-19 vaccine Comirnaty yielded $4.4 billion in revenues, down 66% from the year-ago period. Sales for Comirnaty in the US were up 83% YoY, driven by deliveries of the Omicron bivalent booster as well as the granting of an emergency use authorization (EUA) for a primary vaccination series for children aged 6 months to less than 5 years.
International sales for Comirnaty were down 87% on a reported basis due to deliveries being shifted to the fourth quarter of 2022 as well as slower demand in emerging markets. Pfizer’s oral treatment for COVID-19, Paxlovid, generated $7.5 billion in sales in Q3.
Pfizer raised its guidance for Comirnaty revenues for the full year of 2022 to approx. $34 billion, up by $2 billion compared to the previous outlook. It reaffirmed its sales guidance for Paxlovid at approx. $22 billion.
Pfizer reported positive data from a Phase 3 study of its maternal respiratory syncytial virus (RSV) vaccine candidate, RSVpreF, which is intended to protect infants from the RSV disease after birth. The maternal RSV vaccine, along with an RSV vaccine for older adults aged 60 years and above, represent a potential multi-billion dollar peak revenue opportunity, if approved.
Pfizer’s acquisition of Biohaven Pharmaceutical has given it the opportunity to build a global migraine franchise. Its portfolio, which includes Nurtec ODT and zavegepant, could meet a range of needs in migraine treatment and prevention, with the potential to reach over $6 billion in peak revenues.
Raised full-year outlook
Pfizer raised its sales and adjusted earnings guidance for the full year of 2022. It now expects revenues to range between $99.5-102 billion, reflecting a YoY growth of 22-25%. This compares to the previous outlook of $98-102 billion. The company also lifted its adjusted EPS guidance to $6.40-6.50 from the prior range of $6.30-6.45.
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
ACN Earnings: All you need to know about Accenture’s Q2 2023 earnings results
Accenture (NYSE: ACN) reported second quarter 2023 earnings results today. Total revenues increased 5% year-over-year to $15.8 billion. Net income attributable to Accenture plc was $1.52 billion, or $2.39 per
Here’s how FedEx (FDX) plans to soften the impact of volume declines on its business
Shares of FedEx Corporation (NYSE: FDX) stayed green on Wednesday. The stock has gained 26% year-to-date. The company faced a challenging environment in the third quarter of 2023 which took
Walgreens Boots Alliance (WBA) shifts to expansion mode. Will it pay off?
Walgreens Boots Alliance, Inc. (NASDAQ: WBA), a market leader in retail pharmacy, has regularly revised its business model to better align with the transformation the healthcare space is witnessing. Currently,