Pfizer projects it will generate record-high revenue in 2022, saying Tuesday it expects to sell $32 billion of its Covid-19 shots and $22 billion of its antiviral coronavirus treatment pill Paxlovid this year.However, the company posted mixed fourth-quarter results, beating on earnings but missing on revenue. Pfizer’s stock was down more than 5.7% in morning trading.
Here’s how the company performed compared to what Wall Street expected, based on analysts’ average estimates compiled by Refinitiv:
Adjusted EPS: $1.08 vs. 87 cents expected
Revenue: $23.84 billion vs. $24.12 billion expected
Pfizer CEO Albert Bourla said sales of Paxlovid could be higher than the company’s guidance, but the expectations are based on deals signed or close to being signed. Angela Hwang, head of biopharmaceuticals, said Pfizer is an active discussions with over 100 countries around the world on Paxlovid.
Pfizer’s miss on revenue was driven by lackluster sales in its internal medicine and hospital segments. Fourth-quarter internal medicine sales fell 3% year-over-year to $2.24 billion, while hospital sales were largely flat at $1.88 billion. Pfizer’s oncology sales expanded 7% to $3.24 billion compared with the year-earlier period.
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