The pharmaceutical giant Pfizer
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beat analysts’ expectations on the top and bottom line in the second quarter of 2022, among other things thanks to the sales of the vaccine and the antiviral drug Paxlovid that it developed to deal with the corona virus. Also, the company on its revenue and earnings forecast for 2022, which it expects to finish with revenues in the range of $98-102 billion, alongside an adjusted profit of $6.30 to $6.45 per share.
The company’s revenues in the second quarter stood at $27.7 billion, a 47% growth compared to the corresponding quarter last year, and above analysts’ expectations for revenues of $25.7 billion.
In the bottom line, the pharmaceutical company registered a net profit of 9.9 billion dollars, an increase of 78% compared to the corresponding period last year. The company’s adjusted profit was $2.04 per share higher than the early analysts’ expectations for an adjusted quarterly profit of $1.78 per share.
The corona vaccine developed by the company brought in revenues of $8.8 billion in the second quarter, while sales of the antiviral drug it developed (Paxlovid) amounted to approximately $8.1 billion. Meanwhile, the company maintained its 2022 sales forecast for the vaccine at $32 billion, and also expects $22 billion in revenue from the Paxlovid treatment.
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