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Pfizer reports combined first-quarter sales of Covid vaccines and antiviral treatments of $15 billion
Pfizer topped sales and revenue in its first-quarter earnings report after solid sales of its Covid vaccine and oral antiviral treatment. The pharmaceutical giant's revenue rose 77 percent year on year to more than $2...
Updated: 49 months ago2 min read
Through 2022, the company continues to estimate total sales of $98 billion to $102 billion.
Pfizer topped sales and revenue in its first-quarter earnings report after solid sales of its Covid vaccine and oral antiviral treatment.
The pharmaceutical giant's revenue rose 77 percent year on year to more than $25 billion in the first quarter. Pfizer's revenue growth was driven by $13.2 billion in sales of its Covid vaccine in the quarter and $1.5 billion in Paxlovid oral antiviral therapy sales.
Pfizer reported a net income of $7.8 billion, up 61% from the first quarter of 2021. Adjusted earnings rose 72% from the year-ago period to $1.62 per share.
The company's shares fell more than 1% during premarket trading.
Here's Pfizer's performance versus Wall Street's expectations for the first quarter, based on average analyst forecasts compiled by Refinitiv:
- Adjusted earnings per share: $1.62 per share versus $1.47 expected
- Revenue: $25.66 billion versus expected $23.86 billion
Pfizer says boosters and vaccines for children increase revenue for Covid vaccines. In addition, Paxlovid's sales have been boosted by the launch of the antiviral treatment in the United States, which ordered 20 million courses.
Pfizer has confirmed its 2022 targets for sales of $32 billion for the Covid vaccine and $22 billion for Paxlovid. Earlier this year, CEO Albert Burla told analysts that revenue from its antiviral treatment could increase as estimates are based solely on signed or near-complete deals.
Paxlovid is an effective treatment for people with Covid but does not prevent infection. Paxlovid reduced the risk of hospitalization or death from Covid by 90% in clinical trials in adults who had contracted the virus and were at high risk of serious illness. However, in individual test results released by Pfizer on Friday, it failed to prevent infection.
Pfizer submits data on its three-dose vaccine for children under five years of age to the Food and Drug Administration, the only age group in the United States not yet eligible for the vaccine. Burla said in a podcast interview that he hopes a vaccine for children will be approved by June. The FDA initially tried to support the first two doses in February, but Pfizer delayed it because the data wasn't good enough. Burla said the third dose should significantly increase protection for the youngest children.
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