Pfizer Inc. (NYSE:PFE) stock fell 1.33% (As on November 2, 11:21:01 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 22. The sales revenues of Paxlovid totaled 7.5 billion dollars in the third quarter driven by the U.S. launch under emergency use authorization at the end of 2021 and international launches in late 2021 or early 2022.
PPE in the third quarter of FY 22 has reported the adjusted earnings per share of $1.78, beating the analysts’ estimates for the adjusted earnings per share of $1.39, as per average estimate compiled by market information supplier Refinitiv. The company had reported 6 percent fall in the adjusted revenue growth to $22.6 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue of $21 billion.
Pfizer raised its sales forecast for its Covid-19 vaccine by $2bn to $34bn on Tuesday, as higher prices offset a slowdown in demand outside the US. The US drugmaker said strong sales of its bivalent booster, which targets the Omicron variant’s dominant strain, and some of its other drugs helped it offset damage from a strong dollar. The company maintained its full-year forecast of $22bn for sales of its Covid antiviral pill Paxlovid, as it posted third-quarter results that beat analysts’ expectations and soothed concerns around weaker demand for Covid products.
With regard to our Covid-19 products, while their sales may fall from our expected 2022 levels the company believes thee Covid-19 franchises will remain multibillion-dollar revenue generators for the foreseeable future, which should serve as a buffer for any unforeseen challenges with other products
Pfizer is racing to launch 19 new products over the next 18 months to compensate for a moderation in Covid sales in coming years and the loss of exclusivity in several existing medicines. About two-thirds of these products have the potential to become blockbusters generating more than $1bn a year in sales, the company said. Pfizer said it would apply for regulatory approval for a world first maternal vaccine targeting respiratory syncytial virus, a respiratory disease that can be life-threatening for infants. This follows a late-stage trial that showed it provided strong protection against severe disease in babies within the first six months of life.
Pfizer upgraded its 2022 full-year earnings forecast to a range of $6.40 and $6.50 a share. It also narrowed its revenue guidance to a range between $99.5bn to $102bn.