Key points:
- Pfizer reports fourth quarter earnings
- EPS beats expectations but revenue falls short
- Pfizer shares fall 3% premarket
- How To Trade The Omicron Variant
Pfizer(NYSE: PFE) announced earnings per share of $1.08 before the bell on Tuesday, with revenue coming in at $23.84 billion.
The numbers reported were against an anticipated EPS of $0.88 and revenue of $24.17 billion. The company's revenue miss can be attributed to internal medicine sales falling 3% year-over-year to $2.24 billion, while hospital sales were little moved at $1.88 billion.
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In reaction to the report, Pfizer's share price has declined 3.7% premarket to $51.24.
Pfizer said it expects to generate record-high revenue in 2022, forecasting $32 billion in sales of its Covid-19 vaccine and $22 billion of its antiviral coronavirus treatment pill Paxlovid. Overall, Pfizer expects between $98 billion and $102 billion in sales for 2022, with adjusted earnings per share coming in between $6.35 to $6.55.
Frank D'Amelio, Chief Financial Officer and Executive Vice President of Pfizer said, “the company is performing better than at any other time during my nearly 15 years here. Today we are issuing guidance for the coming year which, if achieved, would represent the highest level of annual revenues and Adjusted diluted EPS in Pfizer's long history.”
