Covid pandemic drives Pfizer’s 2022 income to file $100 billion


Empty vials of Pfizer-BioNTech coronavirus illness (COVID-19) youngsters’s vaccines are pictured at Skippack Pharmacy in Schwenksville, Pennsylvania, US, May 19, 2022.

Hannah Beer | Reuters

The ongoing Covid-19 pandemic propelled pharmaceutical firm Pfizer’s earnings to a file $100 billion final yr, nearly $57 billion of which was pushed by its vaccine and antiviral tablet Paxlovid, the corporate reported Tuesday.

The vaccine accounted for $37.8 billion, up simply 3% from 2021, of Pfizer’s whole gross sales as demand for the pictures slowed. But gross sales of its blockbuster antiviral remedy made up for that softening, surging to $18.9 billion in 2022, the primary full yr that Paxlovid was available on the market.

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Pfizer’s mixed gross sales from its Covid vaccine and antiviral remedy generated extra income final yr than it had in whole gross sales in 2019, earlier than the pandemic grew to become a worldwide disaster that killed greater than 6.8 million individuals and upended world markets. Those outcomes will not be repeated this yr.

Pfizer beats EPS estimates;  stock falls on lower yearly guidance

Pfizer informed buyers to count on income to say no in 2023 by as a lot as 33% to between $67 billion and $71 billion because the world emerges from the pandemic and demand for its blockbuster Covid medicine slows.

Covid vaccines gross sales are projected to plummet by 64% this yr to $13.5 billion from $37.8 billion in 2022. Paxlovid gross sales are anticipated to drop 58% to $8 billion in 2023 from $18.9 billion in 2022.

Pfizer can be forecasting that its full-year earnings per share will drop by as a lot as 50%, to between $3.25 and $3.45, from a file EPS of $6.58 in 2022.

The firm’s fourth-quarter outcomes had been largely according to analysts’ expectations.

Pfizer CEO Albert Bourla final quarter laid out a 2030 development plan for the corporate that appears past the pandemic. Bourla mentioned he sees future income development from RSV vaccines and drugs for migraines and ulcerative colitis, amongst different drug merchandise.

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