{"id":30765,"date":"2023-05-02T15:41:42","date_gmt":"2023-05-02T15:41:42","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/pfizer-beats-profit-estimates\/"},"modified":"2023-05-02T15:44:00","modified_gmt":"2023-05-02T15:44:00","slug":"pfizer-leans-on-covid","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/pfizer-leans-on-covid\/","title":{"rendered":"Pfizer leans on COVID products to top estimates"},"content":{"rendered":"

By Bhanvi Satija and Raghav Mahobe<\/p>\n

(Reuters) – Pfizer Inc on Tuesday reported higher-than-expected first-quarter revenue and profit, buoyed by demand for its COVID-19 products, and reaffirmed its 2023 earnings forecast as it banks on newer drugs to contribute to growth later this year.<\/p>\n

The company has said it expects 2023 to be a low point for COVID product sales, before potentially returning to growth in 2024. But sales of both its vaccine and oral antiviral treatment came in above Wall Street estimates. <\/p>\n

Pfizer still expects significantly lower sales of COVID products in the second quarter.<\/p>\n

Wells Fargo analyst Mohit Bansal said it was a positive surprise that Pfizer did not lower its full-year COVID forecast. <\/p>\n

Pfizer is pumping billions of dollars into research and acquisitions to mitigate an anticipated $17 billion hit to revenue by 2030 from patent expirations for top drugs, and a decline in demand for COVID products.<\/p>\n

The company said it would become more balanced with allocating capital after a string of deals in the last two years once its recent $43 billion buyout of Seagen closes. <\/p>\n

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Graphic: Pfizer’s recent string of deals Pfizer’s recent string of deals – https:\/\/www.reuters.com\/graphics\/PFIZER-RESULTS\/akpeqjaqbpr\/chart.png<\/p>\n

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Pfizer said it remains on track to achieve its goal of 7% to 9% non-COVID revenue growth this year, driven by newer drugs.<\/p>\n

“Given that a large number of launches are expected to occur in the third- and fourth-quarters of 2023, we anticipate that our non-COVID revenues will grow more quickly in the back half of the year,” Chief Financial Officer David Denton said on a call with analysts. <\/p>\n

Citi analyst Andrew Baum said Pfizer’s non-COVID revenue missed expectations for the quarter.<\/p>\n

The company is preparing to launch an RSV vaccine, an ulcerative colitis treatment and a hair loss drug by the end of this year, pending U.S. approval.\u00a0<\/p>\n

COVID-19 vaccine sales plunged 77% to $3.06 billion in the quarter, but topped diminished estimates of $2.37 billion, according to Refinitiv data.\u00a0<\/p>\n

Sales of antiviral Paxlovid nearly tripled to $4.07 billion, bolstered by demand in China. Analysts’ had estimated $3.13 billion for the quarter.\u00a0<\/p>\n

Pfizer expects a 2023 profit of $3.25 to $3.45 per share and COVID products sales of about $21.5 billion. <\/p>\n

Overall revenue for the first quarter fell 29% to $18.3 billion, but topped estimates of $16.59 billion.<\/p>\n

Excluding items, the U.S. drugmaker’s profit of $1.23 per share topped Wall Street estimates by 25 cents. <\/p>\n

Pfizer shares were down 0.9% – less than the broader market – at $38.84. <\/p>\n

\n

(Reporting by Bhanvi Satija and Raghav Mahobe in Bengaluru and Michael Erman in New York; Editing by Sriraj Kalluvila and Bill Berkrot)<\/p>\n

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By Bhanvi Satija and Raghav Mahobe (Reuters) – Pfizer Inc on Tuesday reported higher-than-expected first-quarter revenue and profit, buoyed by demand for its COVID-19 products, and reaffirmed its 2023 earnings forecast as it banks on newer drugs to contribute to growth later this year. The company has said it expects 2023 to be a low […]<\/p>\n","protected":false},"author":8,"featured_media":30766,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-30765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ410DU-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/30765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=30765"}],"version-history":[{"count":6,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/30765\/revisions"}],"predecessor-version":[{"id":31154,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/30765\/revisions\/31154"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/30766"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=30765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=30765"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=30765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}