Coronavirus disease (COVID-19) treatment pill Paxlovid is seen in boxes, at Misericordia hospital in Grosseto, Italy, February 8, 2022.
Jennifer Lorenzini | Reuters
Pfizer’s second-quarter revenue and profit beat Wall Street expectations, driven by sales of its Covid-19 vaccine and its antiviral treatment Paxlovid.
Pfizer booked $27.7 billion in revenue, a 47% increase over the same period last year and its largest quarterly sales on record. The pharmaceutical company reported $9.9 billion in net income, a 78% increase over the second quarter of 2021.
Here’s how the company performed compared with what Wall Street expected for the second quarter, based on analysts’ average estimates compiled by Refinitiv:
- Adjusted EPS: $2.04 per share, vs $1.78 expected
- Revenues: $27.7 billion, vs. $25.7 billion
Pfizer’s Covid vaccine brought in $8.8 billion in revenue for the second quarter, while sales of Paxlovid totaled $8.1 billion. The company maintained its 2022 sales guidance for the vaccine of $32 billion and is still expecting $22 billion for Paxlovid.
Pfizer also largely reiterated its overall 2022 revenue and earnings guidance. Pfizer is expecting $98 billion to $102 billion in sales this year and earnings per share of $6.30 to $6.45. The company raised the lower end of its earnings guidance by 5 cents.