Pfizer racked up more than $13 billion in sales in the first quarter of 2022 because of their Rona Vaccine treatments and sales. The drugmaker’s profit jumped by a whopping 61%.
According to Market Watch,
The company said it expects Comirnaty revenue of $32 billion and Paxlovid revenue of $22 billion this year. This means that Pfizer expects to generate revenue of $98 billion to $102 billion this year, marking the first time in the country’s history that forecasted revenue crossed the $100 billion mark, executives said. That’s up from $83.1 billion in revenue in 2021 and way up from $41.9 billion in revenue in 2020.
So as the nation struggles with skyrocketing inflation and soaring gas prices, Big Pharma continues to get richer off the backs of Americans, most of whom are being forced to take the vaccine through mandates.
Even so, the Big Pharma company is still trying to expand the market for the preventive shots.
Pfizer leaders said Tuesday they expect to submit to regulators by early June data on the effectiveness of a smaller, three-shot combination of their vaccine in children under age 5.
Currently, only children ages 5 or older can be vaccinated in the U.S. with Pfizer’s vaccine.
The pill treatment Paxlovid, which launched late last year, added another $1.5 billion in the first quarter.
All that helped company revenue swell 77%, compared to last year’s quarter, when vaccine sales were still ramping up.
Overall, Pfizer on Tuesday posted net income of $7.86 billion and adjusted earnings of $1.62 per share in the first quarter.
That easily topped the $1.49 per share projected by industry analysts, according to a survey by FactSet.
Revenue was $25.66 billion, also beating Wall Street expectations for $24.1 billion.
Pfizer’s COVID-19 vaccine launched in late 2020 and became the drugmaker’s top selling product by last year’s second quarter.
Pfizer books the vast majority of revenue from Comirnaty and splits profit, as well as the cost to make and distribute the vaccine, with development partner BioNTech.
Sales of that vaccine topped analyst expectations for the quarter, but revenue from Paxlovid fell short.
However, sales of the treatment are expected to pick up later this year, and Joe Biden’s administration is pushing to expand access to Paxlovid.
“We are seeing strong signs for increasing demand for Paxlovid,” Chairman and CEO Albert Bourla told analysts Tuesday.
He added that Pfizer booked only a small portion of revenue in the first quarter from the roughly 6 million doses it has shipped so far. He noted that international sales will be booked in the second quarter.
Revenue from both products will likely wind up exceeding forecasts, Mizuho Securities USA analyst Dr. Vamil Divan said in a research note. He noted that current projections only include contracts the company signed as of mid April.
During a Tuesday conference call to discuss the quarter, another analyst asked Pfizer executives about reports of COVID-19 recurring in patients after they have completed a Paxlovid treatment course.
Pfizer on Tuesday also revised the 2022 earnings forecast it debuted in February to reflect an accounting policy change. It now expects adjusted earnings of $6.25 to $6.45 per share.
Analysts forecast earnings of $7.14 per share.
Shares of Pfizer Inc., based in New York, climbed nearly 2% to $49.19 Tuesday.
