The Giant Pfizer Trims 2022 Earnings Guidance

Pfizer cuts its profit forecast for 2022 despite strong sales of the Corona virus vaccine and Paxilvid in the first quarter

Pfizer trimmed its 2022 earnings guidance, despite reporting better-than-bottom-and-higher first-quarter results thanks to better sales of its coronavirus vaccine and sales of the oral antiviral drug Paxlovid.

Pharmaceutical giant Pfizer currently expects earnings of between $6.25 and $6.45 per share during the year, which is lower than its previous forecast of between $6.35 and $6.55 per share. Strengthening and raising the price of the US dollar against other currencies.

Despite this, Pfizer still forecasts total sales for 2022 in the range of $98 billion to $102 billion, pushing the company’s stock up 2% in extended trading. Read More [Moderna and Pfizer Stocks Fall as the Omicron Wave Recedes].

Pfizer revealed its results in the first quarter, net income of about $7.8 billion, outperforming the levels of the first quarter of 2021 by 61%, and adjusted earnings increased by 72% to $1.62 per share compared to the same period last year, exceeding expectations of 1.47 % per share.

Revenue grew 77% to $25.66 billion year-over-year, beating expectations of $23.86 billion, thanks to $13.2 billion in sales of the coronavirus vaccine, as well as $1.5 billion in sales of the oral antiviral drug Paxlovid in 2016. First Quarter. Read more [Covid Vaccine and Treatment Push Pfizer to $54B Forecast].

Pfizer said that revenue for the Corona virus vaccine increased in the first quarter, thanks to booster doses and pediatric doses, and sales of Paxlovid increased through the introduction of this oral antiviral treatment in the United States, where Pfizer supplied America with about 20 million courses of treatment of Paxlovid, and the organization approved The Food and Drug Administration approved the use of Paxlovid in December.

Pfizer has once again confirmed guidance for approximately $32 billion in sales of the coronavirus vaccine and $22 billion for Paxlovid for the full year of 2022.

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