Pfizer recorded a 92% jump in second-quarter earnings that exceeded analysts’ expectations as the drugmaker recorded an “all-time” high in quarterly COVID-19 vaccine sales and lifted the lower end of its full-year profit outlook range.
The company on Thursday posted adjusted earnings of $2.04 per share, advancing from $1.06 a year earlier, and well above the Capital IQ-polled consensus of $1.78. Revenue surged 47% to $27.74 billion and was ahead of the Street’s view for $26.2 billion.
“I am very pleased with the performance of our business this quarter, with strong operational revenue and earnings growth driven by multiple therapeutic areas across the company, and our COVID-19 franchises continuing to serve patients in need while also propelling us to an all-time high in quarterly sales,” Chief Financial Officer David Denton said in a statement.
Vaccine sales gained 13% to $10.46 billion, in which Comirnaty contributed $8.85 billion boosted by operational growth in international markets, according to the company. The hospital segment logged revenue of $9.71 billion, including $8.12 billion in Paxlovid sales, increasing from $1.75 billion in the 2021 quarter. Revenue from the oncology division ticked down 2% to $3.09 billion, while internal medicine sales edged up to $2.41 billion from $2.4 billion, including an 18% rise in Eliquis sales to $1.75 billion.
For 2022, Pfizer now expects adjusted EPS to be in a range of $6.30 to $6.45, compared with its previous guidance of $6.25 to $6.45. The outlook includes a $0.19 impact from foreign currency and $0.24 from operational changes. The Street is looking for earnings of $6.67 per share.
The drugmaker continues to anticipate revenue in a range of $98 billion to $102 billion for 2022, compared with the Street’s consensus of $103.62 billion. Pfizer said it forecasts $2 billion more in annual revenue than previously projected, but currency translation is expected to entirely offset this increase. The company reiterated its sales estimates for Comirnaty and Paxlovid at $32 billion and $22 billion, respectively.
“We continue to prioritize high-value uses for our capital, with an emphasis on reinvesting in our business by funding both internally and externally developed science and innovation while also continuing to grow our dividend and buy back shares, when appropriate, to help offset dilution,” Denton said.
Earlier in the week, Pfizer and BioNTech launched a phase 2 study to evaluate a new and enhanced bivalent COVID-19 vaccine candidate.