Pfizer Inc. (NYSE: PFE) reported its financial results for the fiscal first quarter on Tuesday that topped analysts’ estimates for earnings and revenue. On the back of hawkish quarterly performance, the company also raised its guidance for the full year.
1. Financial performance
Pfizer said that its net income in the first quarter came in at £3.52 billion that translates to 62.03 pence per share. In the same quarter last year, its net income was capped at a lower £2.42 billion, or 43.27 pence per share.
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Adjusted for one-time items, the American multinational earned 67.07 pence per share in Q1 versus the year-ago figure of 45.44 pence per share. Pfizer valued its revenue at £10.52 billion in the recent quarter that represents a 45% annualised growth.
According to FactSet, experts had forecast the company to post £10.49 billion of revenue in the first quarter. Their estimate for adjusted per-share earnings stood at a lower 55.53 pence. In the prior quarter (Q4), Pfizer’s profit had come in weaker than expected.
2. Revenue from individual businesses
Other prominent figures in Pfizer’s earnings report on Tuesday include an 18% increase in revenue from oncology in Q1, an 11% growth in revenue from internal medicine, and a whopping 200% increase in vaccine revenue.
Pfizer’s COVID-19 vaccine brought in roughly £2.52 billion in revenue in the first quarter. Pfizer’s quarterly report comes in a week after its peer Eli Lilly published its Q1 earnings report.
3. Guidance for the full financial year
For the full financial year, Pfizer now forecasts up to £2.63 of adjusted per-share earnings. It expects revenue to fall in the range of £50.85 billion to £52.29 billion. The pharmaceutical corporation now predicts a 73% higher revenue from its COVID-19 vaccine (BNT162b2) in fiscal 2021, including 1.6 billion doses that are likely to be delivered this year.
4. Pfizer to seek full U.S. approval for its COVID-19 vaccine
According to CNBC’s Meg Tirrell, Pfizer plans on seeking full approval for its COVID-19 vaccine for people aged 16 to 85 from the U.S. FDA by the end of this month. If received, the drug giant will get to market the vaccine directly to consumers. In July, Pfizer also expects results from its booster trial.
Impact on the share price
Currently exchanging hands at £29 per share in premarket trading, Pfizer shares are expected to top £29.70 on Tuesday that will mark a record high since July 2019. At the time of writing, the NYSE-listed company is valued at £160.24 billion and has a price to earnings ratio of 32.12.
