Pfizer Shares Gain As Results Top Analyst Expectations
Pfizer (PFE:US) reported Q1 results on Tuesday to send its stock around 1% lower. The pharma behemoth’s sales fell 29% year-over-year on weakening demand for Covid-19 vaccines.
Still, the decline proved to be better than feared as analysts projected Pfizer to report $16.59 billion in Q1 sales while the company delivered $18.28 billion. Bottom-line numbers were also better than expected - a profit of $1.23 per share vs $0.98 expected.
Dr. Albert Bourla, Chairman and Chief Executive Officer, stated: “This is an exciting time for Pfizer as we are already executing on and rigorously planning for an unprecedented number of anticipated new product and indication launches, most of which are expected to occur in the second half of 2023.”
Pfizer reported a net income of $5.54 billion, down from the $7.86 billion reported for the same period a year ago. Sales of the firm’s Covid-19 vaccine dropped by $10 billion or 75%, although sales of the antiviral pill Paxlovid increased by $2.8 billion compared to Q1 2022. Pfizer said it experienced strong demand for Paxlovid in China amid the rise in new Covid cases.
Given robust Q1 results, Pfizer reaffirmed its 2023 forecast for sales of $67 billion to $71 billion and for a profit of $3.25 - 3.45 per share.
All-in-all, Pfizer shares trade around $40 apiece on Tuesday.
Congress members Michael Guest, Scott Franklin, Jared Moskowitz, Ro Khanna, and Daniel Goldman were all selling Pfizer shares in 2023. Most recently, Congresswoman Carol Miller disclosed she bought some Pfizer shares in early March, when the stock was trading just above $40.
