Pfizer (PFE) reported strong third-quarter earnings that beat analysts’ expectations both in the top and bottom line. The company also raised its full-year guidance.
Pfizer reported earnings of 1.51 per share on a net income of $8.608 billion. The earnings were $1.42 per share and the net income of $8.146 billion in the Q3 of 2021. The EPS on an adjusted basis, were $1.78 a share beating the Wall Street estimates of $1.40. In the third quarter (Q3) of 2021, the EPS were $1.27.
The company’s third-quarter revenue came at $22.638 billion topping the expectations of $21.072 billion, the revenue in the same quarter in the previous year was at $24.035 billion. The revenue declined over 5% due to lower covid vaccine sales overseas.
The company said the previous week that Italian tax authorities monitor and investigate taxes paid by Pfizer and cooperate with these investigations which are not criminal probes.
Pfizer increased the lower band of revenue guidance from $99.5 billion to $102 billion for the full year 2022. WallStreet consensus estimate for the full-year revenue is at $99.7 billion. PFE also increased the full-year adjusted Earnings Per Share guidance between$6.40 to $6.50 per share, the previous guidance was between $6.30 to $6.45 per share.
Comirnaty COVID vaccine full-year revenue guidance raised to $34 billion from $32 billion.
Albert Bourla Pfizer’s CEO said that the company plans to launch 19 new products in the next year and a half. On Tuesday Pfizer reported positive clinical trial data for the RSV vaccines.
Pfizer closed yesterday’s trading session down 1.86% at $46.55, but as of writing in the premarket trading, the stock is adding 3.54% at $48.2. The stock lost 21% of its value in 2022, while it gained 2.42% in the last 12 months and has a 52-week trading range between $41.45 and $61.71 which is also an all-time high for the stock. Pfizer’s capitalization now stands at $266.19 billion.
Nikolas has been involved in the finance industry for over fifteen years spanning across Europe and USA with a depth of knowledge and experience within many aspects of the financial markets. Nikolas gained several years experience with some of the Europe’s leading Brokers, as equity analyst, and trader managing accounts for both Private and Corporate Investors. He enjoys both the fundamental and technical aspects of trading focusing on stock markets and all FX majors. Currently, Nikolas provides analysis and comments to online financial publications. Educational background in Economics (BSc), and Finance (MSc).