Pfizer (PFE) raises guidance after Q3 revenue jumps 134%

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Pfizer (PFE) raises guidance after Q3 revenue jumps 134%

 Pfizer (PFE) raises guidance after Q3 revenue jumps 134%
Image source: Josep Suria,Shutterstock

Highlights

  • Pfizer, Inc. (NYSE: PFE) revenue increased by 134% YoY to US$24.1 billion in Q3.

  • The company raised guidance for fiscal 2021 after robust quarterly performance.

  • On Oct 29, it received FDA approval for its covid booster dose, Comirnaty, for 5-11 years old under emergency use authorization (EUA).

Pfizer, Inc. (NYSE: PFE) on Tuesday posted third-quarter revenue of US$24.1 billion, helped by rapid vaccine sales globally.

The New York-based healthcare company booked a net income of US$8.1 billion in the quarter.

Third-Quarter Snapshot

The company posted revenue of US$24.1 billion in the quarter compared to US$10.28 billion a year ago, reflecting a 134% YoY growth.

Covid drug ‘Comirnaty’ contributed US$13.0 billion in direct sales and alliance revenue, lifting the company’s operational growth by 130% year-over-year.

Segment-wise:

The vaccine segment revenue was US$14.58 billion; Oncology revenue was US$3.09 billion; and Internal Medicine was US$2.1 billion.

In addition, the Hospital segment generated revenue of US$2.37 billion, Inflammation & Immunology revenue was US$1.09 billion, and the rest of US$869 million came from the Rare Disease segment. Except for Inflammation and Immunology, all the segment revenue rose YoY.  

Pfizer’s net income rose to US$8.1 billion from US$1.47 billion in Q3 2020. The earnings per share diluted was US$1.42, and adjusted EPS diluted was US$1.34 in the September quarter. 

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 Earning Results: Pfizer, Inc. (NYSE: PFE).

Source – Pixabay



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2021 Financial Guidance

The company raised its guidance for fiscal 2021 on expectations of higher operational performance and considering the global macroeconomic impact of the pandemic and foreign exchange rates. It expects the revenue to be in the range of US$81.0 billion to US$82.0 billion compared to the previous forecast of US$78.0 billion to US$80 billion.

The adjusted EPS diluted is likely to be in the range of US$4.13 to US$4.18 from the earlier range of US$3.95 to US$4.05 per share diluted.

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The guidance range for revenue reflects 94% growth, and adjusted earnings per share diluted reflect an 84% increase YoY at midpoints compared to the actual revenue and EPS diluted in 2020.

The company expects Comirnaty revenue to be around US$36 billion, with a delivery expectation of 2.3 billion doses in 2021, against the previous forecast of about US$33.5 billion.

Pfizer-BioNTech’s Comirnaty covid vaccine, initially approved for 16 years and older, now received authorization for 5-11 years old.

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Excluding Comirnaty, the company has raised the midpoint revenue guidance for adjusted EPS diluted to around US$2.60 to US$2.65. Pfizer sells various healthcare products, including chemicals and prescription drugs, but vaccines account for most sales.

Pfizer’s current market cap is US$245 billion, and its P/E ratio is 18.73. It has a dividend yield of 3.57%. The stock traded at US$45.10, up 3.35% gain in the premarket at 9:29 am ET on Tuesday.

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Bottomline

On Aug 23, 2021, the FDA approved the Pfizer-BioNTech’s Comirnaty vaccine for those aged 16 and older. Last month, it expanded its use as a booster dose for the eligible population. In addition, on Oct 29, it allowed the use of Comirnaty on children aged 5-11 under the emergency use authorization (EUA).  However, investors must analyze the companies carefully before investing in stocks.  

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