Pfizer quarterly sales soar to record high, driven by Covid vaccine and antiviral treatment Paxlovid

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Treatment pill for coronavirus disease (COVID-19) Paxlovid is seen in boxes, at Misericordia Hospital in Grosseto, Italy, February 8, 2022.

Jennifer Lorenzini | Reuters

Pfizer’s second-quarter revenue and profit exceeded Wall Street’s expectations, driven by sales of its Covid-19 vaccine and its antiviral treatment Paxlovid.

Pfizer posted revenue of $27.7 billion, up 47% from the same period last year and its largest quarterly revenue ever. The pharmaceutical company reported net profit of $9.9 billion, up 78% from the second quarter of 2021.

Here’s how the company performed compared to what Wall Street expected for the second quarter, based on the average analyst estimates compiled by Refinitiv:

  • Custom WPA: $2.04 per share, vs $1.78 expected
  • income: $27.7 billion, versus $25.7 billion
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Pfizer’s Covid vaccine brought in $8.8 billion in revenue in the second quarter, while Paxlovid’s sales totaled $8.1 billion. The company maintained its 2022 sales forecast for the vaccine at $32 billion and still expects $22 billion for Paxlovid.

Pfizer also largely reiterated its overall revenue and earnings expectations for 2022. Pfizer expects revenue this year of $98 to $102 billion and earnings per share of $6.30 to $6.45. The company raised the bottom of its earnings forecast by 5 cents.

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Pfizer and its German partner BioNTech signed a $3.2 billion deal in June to provide 105 million doses of vaccine to the US government ahead of an expected fall vaccination campaign. The order may include updated recordings targeting ommicron and its sub-variants. The US has the option to purchase an additional 195 million doses.

The companies said delivery of the shots could begin as early as late summer and shipments would continue through the fourth quarter.

The Food and Drug Administration has directed vaccine makers to begin developing injections targeting the omicron BA.4 and BA.5 subvariants, which are now dominant in the US. BA.4 and BA.5 have sparked a wave of summer infections as they are more transferable than previous variants.

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Public health officials are concerned that the US will face a major wave of Covid infections this fall as immunity to the vaccines wanes and people move indoors to escape the colder weather. Scientists and health officials hope that updated shots that also target ommicron will provide more lasting protection this fall.

TBEN Health & Science

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