Paxlovid tablets for the treatment of coronavirus disease (COVID-19) are seen in boxes at the Misericordia hospital in Grosseto, Italy February 8, 2022.
Jennifer Lorenzini | Reuters
Pfizer’s second-quarter revenue and earnings beat Wall Street’s expectations thanks to sales of the Covid-19 vaccine and antiviral drug Paxlovid.
pfizer recorded revenue of $27.7 billion, up 47% year-over-year and the largest quarterly sales on record. The pharmaceutical company reported net income of $9.9 billion, up 78% from the second quarter of 2021.
Here’s how the company performed compared to what Wall Street expected in the second quarter, based on average analyst estimates compiled by Refinitiv:
- Adjusted earnings per share: $2.04 per share vs. $1.78 expected.
- Income: $27.7 billion compared to $25.7 billion
Pfizer’s Covid vaccine generated $8.8 billion in second-quarter revenue, with Paxlovid sales of $8.1 billion. The company has maintained its 2022 vaccine sales forecast of $32 billion and still expects $22 billion for Paxlovid.
Pfizer has also largely reaffirmed its overall revenue and earnings guidance for 2022. Pfizer expects sales this year to be between $98 billion and $102 billion and earnings per share of $6.30 to $6.45. The company raised the floor of its earnings guidance by 5 cents.
Pfizer and its German partner BioNTek signed a $3.2 billion deal in June to supply 105 million doses of vaccine to the US government ahead of an expected fall vaccination campaign. The order may include upgraded shots targeting the omicron and its sub-variants. The US has the opportunity to purchase another 195 million doses.
The companies said vaccine shipments could begin as early as late summer, with shipments continuing through the fourth quarter.
The Food and Drug Administration has ordered vaccine manufacturers to start developing vaccines that target the BA.4 and BA.5 omicron subvariants that currently predominate in the US. BA.4 and BA.5 have caused a wave of summer infections because they are more contagious than past variants.
Public health officials are concerned that the US will face a major wave of Covid infections this fall as vaccine immunity wanes and people cower indoors to escape colder weather. Scientists and health officials are hoping the updated vaccines, which also target omicron, will provide stronger protection this fall.