Key points:
- Pfizer reported Q1 earnings before the open Tuesday
- The company beat earnings and revenue estimates
- However, it cut EPS guidance
- Pfizer Acquires ReViral for $525M to Strengthen RSV Endeavour
Pfizer (NYSE: PFE) reported earnings for its latest quarter before the bell Tuesday, beating analyst estimates.
The drugmaker announced adjusted earnings per share of $1.62 before the bell on Wednesday, with revenue coming in at $25.7 billion.
The numbers reported were against an anticipated EPS of $1.47 and revenue of $23.86 billion.
Also Read: What Do Quarterly Earnings Mean for Investors?
The company reaffirmed full-year 2022 guidance for revenues of $98 to $102 billion.
However, full-year guidance for adjusted EPS was revised to between $6.25 to $6.45 to reflect an $0.11 negative impact for an accounting policy change to include all acquired in-process R&D expenses in adjusted results. The previous outlook was $6.35 to $6.55 per share.
Pfizer's share price has moved 0.7% lower premarket in reaction to the report.
Frank D'Amelio, Chief Financial Officer and Executive Vice President of Pfizer, stated: “I am pleased to report another solid quarter for the company, highlighted by 82% operational revenue growth overall and 2% operational growth excluding Comirnaty and Paxlovid. Operational growth this quarter excluding these COVID-19 products would have been 5% if not for a 2% negative impact from losses of patent exclusivity for certain products and a 1% negative impact from fewer selling days this quarter compared to the prior-year quarter.
“We also entered the open market to repurchase shares of our stock for the first time since 2019. We will continue to thoughtfully deploy our capital in a variety of shareholder-friendly ways with the goal of maximizing the value we provide to all of our stakeholders, including patients and shareholders.”
