Pfizer lowers earnings guidance despite a solid Q1

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on May 3, 2022

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Pfizer lowers earnings guidance despite a solid Q1

Pfizer reports market-beating results for its fiscal first quarter.
The pharmaceutical giant still lowered its full-year EPS guidance.
Shares of Pfizer Inc are still down more than 10% for the year.

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Shares of Pfizer Inc (NYSE: PFE) are slightly up this morning after the pharmaceutical giant reported market-beating results for its fiscal Q1 on strong sales of its COVID treatments.

Pfizer Q1 financial highlights

Net income printed at $7.864 billion that translates to $1.37 a share.
In Q1 last year, net income was capped at $4.877 billion (86 cents a share).
On an adjusted basis, per-share earnings stood at $1.62 in the first quarter.
$25.661 billion in revenue was up 77%, as per the earnings press release.
FactSet consensus was for $1.49 in adjusted EPS and $24.099 billion in revenue.
COVID vaccine brought in $13.2 billion, up more than 300% year-over-year.
Paxlovid (oral COVID antiviral) sales climbed to $1.50 billion in the recent quarter.

Future outlook and CEO’s remarks

Pfizer reiterated its full-year guidance on Tuesday for $98 billion to $102 billion in revenue. In comparison, analysts had called for a higher $105.9 billion instead. The American multinational lowered its expectations for adjusted EPS to between $6.25 and $6.45.

COVID vaccine and Paxlovid is seen bringing in $32 billion and $22 billion in revenue, respectively. In the earnings press release, CEO Albert Bourla said:

We continue to supply the world with Comirnaty and are on track to fulfil our commitment to deliver at least 2 billion doses to low- and middle-income countries in 2021, and 2022, including at least 1 billion this year. In addition, we’re delivering on our production commitments for Paxlovid.

Pfizer Inc stock is still down more than 10% for the year.