Updated at 8:36 AM EST
Pfizer Inc. reported stronger-than-expected first quarter earnings, owing to increased vaccine sales and a solid near-term forecast, but reduced its full-year profit prediction amid changes in the way drugmakers account for milestone payments and acquisitions.
Pfizer said adjusted earnings for the three months ending in March were at $1.62 per share, a 74% increase from the same period last year, and the market is expected to make $2.47 per share. Group earnings, according to Pfizer, increased by 76% to $25.66 billion, a decrease that came in ahead of analyst estimates of a $23.95 billion amortization. Pfizer''s total income was derived from sales of its Comirnaty vaccine.
Pfizer said its adjusted earnings in the region of $3.25 per share, down from its previous estimate of $$6.35 to $6.65 per share, but maintained its revenue predictions of between $98 billion and $102 billion.
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Pfizer raised sales concerns for its Comirnaty vaccination, which is expected to increase by $32 billion.
"We continue to provide Comirnaty to all participants, who is a vital tool for helping patients and families avoid the worst effects of the COVID-19 epidemic," says CEO Albert Bourla.
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Pfizer''s stock was marked 0.4 percent higher in pre-market trading immediately following the earnings release, indicating a $48.52 opening price.
Despite disappointing late-stage analysis from a study with 3,000 adults with "household contacts" that were infected by Covid failed to meet its primary goal of reducing the overall risk of infection, the group also repeated sales projections for its recently-approved Covid pill Paxlovid, which are expected to reach $22 billion.
Patients who took a five-day Paxloivd course were 32% less likely to be infected, according to Pfizer, while those who took a ten-day course were 37% less likely.
The company said Monday that neither tally was''statistically significant.''
Pfizer plans to sell roughly 10 million of its Paxlovid medication, which was approved by the Food & Drug Administration on December 22, to the United States Department of Health and Human Services.
The price of $530 per tablet is approximately 25% lower than the $700 agreement with Merck & Co. MRK in October to purchase 1.7 million doses its "molnupiravir" treatment of "mild-to-moderate Covid in adults who are at risk of developing severe symptoms or hospitalization.