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Pfizer Tops Q3 Earnings Forecast, Narrows 2020 Profit Target; Sees November Vaccine Application to FDA

Pfizer said it plans to apply for Emergency Use Authority with the FDA for its developing coronavirus vaccine after posting modestly better-than-expected third quarter earnings.

Pfizer Inc.  (PFE)  posted better-than-expected third quarter earnings Tuesday, and narrowed its full-year profit forecast, while noting it still plans to apply for emergency use authority for its coronavirus vaccine in late November. 

Pfizer said adjusted earnings for the three months ending in September were pegged at 72 cents per share, down 5.3% from the same period last year and one penny ahead of the Street consensus forecast, Group revenues, Pfizer said, fell 4.5% from last year to $12.1 billion, just shy of analysts' estimates of a $12.31 billion tally.

Pfizer said it sees 2020 revenues in the range of $48.8 to $49.5 billion, compared to its prior forecast of $48.6 to $50.6 Billion, and adjusted earnings of $2.88 to $2.93 per share, a narrowed range from its previous estimate of between $2.85 to $2.95 per share.

“As we enter the final stretch of what has been a historically challenging year for the world, I could not be more proud of the extraordinary effort, dedication and resolve shown by Pfizer colleagues to address the COVID-19 pandemic with unprecedented speed, while never compromising on their commitment to the patient-centered, science-driven standards that guide everything we do," said CEO Albert Bourla. "I am more confident than ever in Pfizer’s future as we transition to a smaller, more agile, science-based pharmaceutical company with what we believe is an industry-leading innovative pipeline, a portion of which we were pleased to highlight at our recent investor day event.”  

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Pfizer shares were marked 1.7% lower in early trading following the earnings release to change hands at $37.33 each.

Pfizer added that around two-thirds of the 42,000 patients enrolled in late-stage clinical trials have been dosed with its developing coronavirus vaccine, adding it still plans to apply Emergency Use Authorization (EUA) approval from the U.S. Food & Drug Administration in late November

Earlier this month, European health authorities launched a 'rolling review' of the experimental coronavirus vaccine the drugmaker is developing with Germany-based BioNTech  (BNTX) , and said they were evaluating the first batch of data from non-clinical studies of BNT162b2, the pair's mRNA-based coronavirus vaccine.