Pfizer (PFE) Q3 2022 Earnings

Vials containing the Pfizer/BioNtech vaccine against the coronavirus disease (COVID-19) are displayed before use at a mobile vaccine clinic in Valparaiso, Chile, on January 3, 2022.

Rodrigo Garrido | Reuters

Pfizer raised its 2022 earnings guidance on Tuesday after posting a strong third quarter that beat Wall Street expectations.

Pfizer now expects earnings per share of $6.40 to $6.50 for the year, up from its previous forecast of $6.30 to $6.45. The drug company also raised the lower end of its sales guidance and now expects revenue of $99.5 billion to $102 billion for the year.

Pfizer raised its full-year sales guidance for its Covid-19 vaccine to $34 billion this year, up $2 billion from the company’s previous expectations. The company is maintaining its revenue expectations of $22 billion for the antiviral pill Paxlovid.

Its shares rose about 4% in premarket trading.

Here’s how the company fared compared to what Wall Street expected for the third quarter, based on analysts’ average estimates compiled by Refinitiv:

  • Adjusted EPS: $1.78 per per share versus an expected $1.39
  • Revenue: $22.6 billion vs. $21 billion expected

Pfizer’s sold $4.4 billion of its Covid vaccine worldwide in the quarter, down 66% compared to the same period last year. It sold $7.5 billion of the Paxlovid treatment during the quarter ended Sept. 30.

Pfizer posted net income of $8.6 billion for the third quarter, up 6% from the same quarter last year.

Pfizer CEO Albert Bourla indicated that the company is looking beyond the Covid pandemic, which has led to record windfalls for the pharmaceutical giant.

Bourla said in a statement that Pfizer plans to launch 19 new products or new uses for existing drugs over the next 18 months. For example, the company reported positive clinical trial data on Tuesday for its maternal RSV vaccine that protects newborns.

The RSV vaccine is administered as a single dose to the mother at the end of the second or third trimester of her pregnancy. Pfizer’s data showed that in the first 90 days of a baby’s life, the vaccine was 81% effective in preventing serious lower respiratory tract illnesses requiring hospitalization or assisted breathing.

This is breaking news. Please check back for updates.

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