Finance

Finance

Pfizer expects $54 billion in 2022 sales on Covid vaccine and treatment pill

08 February 2022 17:24 (UTC +04:00)

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, APA-Economics reports citing CNBC.

However, the company posted mixed fourth-quarter results, beating on earnings but missing on revenue. Pfizer’s stock was down more than 3% in pre-market 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’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 compared to the same quarter in 2020. Pfizer’s oncology sales grew 7% to $3.24 billion compared with the same three months in the previous year.

However, Pfizer’s fourth-quarter revenue more than doubled overall to $23.84 billion year-over year, driven by $12.5 billion in sales of its Covid vaccine. The company’s antiviral pill that fights Covid, Paxlovid, contributed $76 million in U.S. sales during the fourth quarter. The Food and Drug Administration gave the pill emergency approval in December.

On an unadjusted basis, Pfizer’s fourth-quarter profit increased more than fourfold to $3.39 billion from $847 million during the same three months in 2020.

Pfizer expects $98 billion to $102 billion in sales for 2022, and adjusted earnings per share of $6.35 to $6.55.