Pfizer Inc. (PFE) - Get Free Report posted stronger-than-expected second quarter earnings Wednesday, while boosting its 2021 profit guidance, as the drugmaker said its coronavirus vaccine sales would reach at least $33.5 billion this year.
Pfizer said adjusted earnings for the three months ending in June were pegged at $1.07 per share, a 37.2% increase from the same period last year and 10 cents ahead of the Street consensus forecast. Group revenues, Pfizer said, rose 61% from last year to $19 billion, again topping analysts' estimates of an $18.74 billion tally. Around $9 billion of the topline came from vaccine sales, Pfizer said.
Looking into the second half of the 2021 financial year, Pfizer said its sees adjusted earnings in the region of $3.95 to $4.05 per share -- well up from its prior forecast of $3.55 to $3.65 per share -- on improved revenues of between $78 billion and $80 billion.
“The second quarter was remarkable in a number of ways. Most visibly, the speed and efficiency of our efforts with BioNTech to help vaccinate the world against COVID-19 have been unprecedented, with now more than a billion doses of BNT162b2 having been delivered globally," said CEO Albert Bourla. "In addition, we are equally proud of the second-quarter performance of our business excluding BNT162b2(1), which posted 10% operational revenue growth."
"Looking forward, we remain highly confident in our ability to achieve at least a 6% compound annual growth rate through 2025 and intend to build upon our recent successes by continuing to follow the science, trust in our people and remain focused on delivering breakthroughs for the patients we serve,” he added.
Dow component Pfizer was marked 1.8% higher in early trading immediately following the earnings release to change hands at $42.86 each.
Beyond vaccine sales, Pfizer said its Ibrance breast cancer treatment sales rose 4% to $1.404 billion, while Prevnar sales rose 11% to $1.241 billion.
Earlier this month, the U.S. Food & Drug Administration said it hoped to complete Pfizer's request for full approval if its COIVD-19 vaccine "far in advance" of the January 2022 timeline.
BNT162b2, which it developed alongside its German partner, BioNTech (BNTX) - Get Free Report, is one of three vaccines that were granted Emergency Use Authorization by the FDA in December of last year.
Coronavirus vaccine sales, Pfizer said, should hit $33.5 billion by the end of the year, a 28.8% increase from its prior forecast.