Doses containing Pfizer vaccines
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Pfizer shares rose more than 4% in premarket trading Tuesday after the drug maker posted third-quarter adjusted earnings that topped analysts’ estimates and it raised fiscal 2021 guidance.
Pfizer reported adjusted earnings in the quarter of $1.34 a share on revenue of $24.1 billion.
Analysts surveyed by FactSet expected Pfizer (ticker: PFE) to report third-quarter earnings of $1.08 a share on sales of $22.58 billion. A year earlier, the company earned 72 cents a share on sales of $12.13 billion.
The company boosted earnings guidance for fiscal 2021 to an adjusted $4.13 to $4.18 a share from previous guidance of $3.95 to $4.05. The revenue outlook was boosted to $81 billion to $82 billion from $78 billion to $80 billion.
Sales of the company’s Covid-19 vaccine, which is made with German partner BioNTech (BNTX), were $13 billion, higher than Wall Street forecasts.
The Pfizer-BioNTech Covid-19 vaccine contributed $7.8 billion in global revenue during the second quarter.
Pfizer said it expects revenue from Comirnaty, its Covid-19 vaccine, of $36 billion for the year, which includes 2.3 billion doses that are expected to be delivered in fiscal 2021.
Comirnaty revenue will decline in fiscal 2022 to about $29 billion, based on contracts signed as of mid-October 2021, Pfizer said in a presentation. It expects to deliver 1.7 billion doses in 2022.
The stock rose 4.1% in premarket trading Tuesday to $44.50. Shares have risen nearly 19% in 2021. The S&P 500 has risen 22.8% year to date.
Write to Joe Woelfel at [email protected]
