Pfizer Inc. (NYSE:PFE) stock fell 0.78% (As on May 4, 11:35:07 AM UTC-4, Source: Google Finance) after the company’s Paxlovid, the pill for treating Covid-19, failed to show benefit as a preventive therapy in a trial. Paxlovid is poised to become one of the fastest-selling drugs of all time, with $24 billion in projected 2022 sales, according to analytics group Airfinity Ltd. The company said late Friday that the drug failed to hit its main goal of reducing the risk that adults exposed to the coronavirus through contact with a household member would become infected. Compared with those who took a placebo, people who received Paxlovid had about a third less risk of infection, which wasn’t statistically significant. The coronavirus vaccine Comirnaty, which has been Pfizer’s top seller for about a year, brought in more than $13 billion in sales in the quarter.

PFE in the first quarter of FY 22 has reported the adjusted earnings per share of $1.62, beating the analysts’ estimates for the adjusted earnings per share of $1.49, according to a survey by FactSet. The company had reported the adjusted revenue growth of 77 percent to $25.66 billion in the first quarter of FY 22, beating the analysts’ estimates for revenue of $24.11 billion. Comirnaty globally, which grew $10.2 billion operationally to $13.2 billion in direct sales and alliance revenues, driven by global uptake including pediatric and booster doses. Paxlovid contributed $1.5 billion in global sales.

Additionally, the company during the quarter, Pfizer returned $4.2 billion directly to shareholders through a combination of $2.2 billion of cash dividends, or $0.40 per share of common stock, and $2.0 billion, which was used to repurchase 39.1 million shares on the open market in March 2022, at an average cost of $51.10 per share. As of May 3, 2022, Pfizer’s remaining share repurchase authorization is $3.3 billion. Current financial guidance does not anticipate any additional share repurchases in 2022.

Pfizer Inc, also revised the 2022 earnings forecast it debuted in February to reflect an accounting policy change. It now expects adjusted earnings of $6.25 to $6.45 per share. That’s down a dime on both ends of the range from its previous forecast for $6.35 to $6.55 per share. Analysts forecast earnings of $7.14 per share. The company still expects that 2022 total revenue will range between $98 billion and $102 billion. Analysts forecast total revenue of $105.92 billion.