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HomeHealthCovid Pfizer (PFE) earnings Q1 2022

Covid Pfizer (PFE) earnings Q1 2022

Albert Bourla, chief executive officer of Pfizer pharmaceutical company, arrives to ring the closing bell at the New York Stock Exchange.Drew Angerer | Getty ImagesPfizer beat on its top and bottom line in its first quarter earnings report after booking strong sales of its Covid vaccine and oral antiviral treatment.The pharmaceutical giant’s first quarter revenue grew 77% to more than $25 billion compared to the same period last year. Pfizer’s revenue growth was driven by $13.2 billion in Covid vaccine sales in the quarter and $1.5 billion in sales of its oral antiviral treatment Paxlovid. Pfizer booked a net income of $7.8 billion, a 61% increase over the first quarter of 2021. Adjusted earnings grew 72% to $1.62 per share compared to the same period last year.Here’s how Pfizer performed compared to what Wall Street expected, based on analysts’ average estimates compiled by Refinitiv:Adjusted EPS: $1.62 per share, vs. $1.47 expectedRevenue: $25.66 billion, vs. $23.86 billion expectedPfizer said booster doses and shots for children drove its Covid vaccine revenue. Paxlovid sales were driven by the antiviral treatment’s launch U.S., which has ordered 20 million courses. Pfizer reaffirmed its full-year 2022 guidance of $32 billion in Covid vaccine sales and $22 billion for Paxlovid. CEO Albert Bourla had told analysts earlier this year that revenue from its antiviral treatment could come in higher because estimates are based only on deals signed or those close  to finalization. Paxlovid is an effective treatment for people who have Covid, but it does not prevent infection. Paxlovid reduced the risk of hospitalization or death from Covid by 90% in a clinical trial of adults who caught the virus and were at high risk of developing severe illness. However, it failed to prevent infection in separate trial results published Friday by Pfizer. CNBC Health & Science Read CNBC’s latest global coverage of the Covid pandemic:This is a developing story. Please check back for updates.

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