Pfizer’s profits soar in the first quarter and revise forecasts for 2022 | Economic news

Sales of Pfizer’s COVID-19 vaccine and treatment pushed the drugmaker well above expectations in the first quarter, as profits rose 61%.

Comirnaty coronavirus vaccine generated more than $13 billion in sales and Paxlovid treatment added another $1.5 billion as the company’s revenue increased 77% from last year’s quarter, when vaccine sales continued to rise and the treatment had yet to debut.

Pfizer on Tuesday reported first-quarter net income of $7.86 billion and adjusted earnings of $1.62 per share, easily beating the $1.49 projected by industry analysts, according to a FactSet survey. Quarterly profits were well over last year’s $4.88 billion.

Revenue was $25.66 billion, also beating Wall Street expectations of $24.1 billion.

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New York-based Pfizer Inc. also revised its 2022 earnings forecast to reflect a change in accounting policy. He now expects adjusted earnings of $6.25 to $6.45 per share.

That’s down a dime at both ends of the range from its previous forecast of $6.35 to $6.55 per share.

Analysts expect earnings of $7.14 per share.

The company still expects total 2022 revenue to be between $98 billion and $102 billion. He expects Comirnaty to make about $32 billion in sales this year, and Paxlovid about $22 billion.

All three projections are below Wall Street expectations for the year. Analysts forecast total revenue of $105.92 billion, according to FactSet.

Shares slid 1% before the opening bell on Tuesday.

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