Pfizer sees record revenue in 2022 as it expects to sell up to $32 billion worth of COVID-19 vaccine doses and nearly $22 billion worth of Paxlovid antiviral pills this year.
But the pharmaceutical giant posted mixed results during the fourth quarter, beating analyst expectations for earnings and failing to reach revenue expectations, pushing Pfizer’s stock down more than 5.7% during morning trading.
Pfizer failed to reach revenue levels due to weak sales in the in-patient and hospital-pharmaceutical divisions. In-house drug sales declined 3% year-over-year during the quarter to $2.24 billion, while hospital sales remained stable at $1.88 billion. As for oncology drug sales, It expanded 7% compared to the same period a year ago, to $3.24 billion.
But overall, Pfizer’s fourth-quarter revenue more than doubled to $23.84 billion year-over-year, backed by sales of the Covid vaccine, which accounted for $12.5 billion of total sales, while sales of the drug “Paxlovid” contributed about $76 million during the quarter. Note that the FDA gave emergency approval for the use of these pills as a treatment last December.
Pfizer’s pre-adjusted earnings nearly quadrupled from $847 million during the last three months of 2020 to $3.39 billion during the fourth quarter of 2021, and on an adjusted basis, the company earned $1.08 per share, beating expectations of only 87 cents. Its 2022 sales range between $98-102 billion, with adjusted earnings per share of $6.35-6.55. Read more [Pfizer Raises Sales Expectations of The Covid Vaccine]