Pfizer beats profit estimates on demand for new drugs, Covid products

PFIZER on Tuesday (May 2) beat analysts’ estimates for first-quarter profit on strong demand for its newly acquired drugs and steady demand for its Covid products, sending its shares up nearly 3 per cent before the bell. The company has said it expects 2023 to be a “transition year” for its Covid products, before potential returning to growth in 2024.

Sales of its Covid-19 vaccine Comirnaty were US$3.06 billion in the first quarter, topping estimates of US$2.37 billion, according to Refinitiv data.

Antiviral treatment Paxlovid sales came in at US$4.07 billion, also beating estimates of US$3.13 billion.

The company said it expects significantly lower sales contributions from Covid products in the second quarter from the first quarter.

Excluding Covid products, Pfizer said first-quarter revenue was mostly driven by recently acquired products, including migraine drug Nurtec ODT and sickle cell disease treatment Oxbryta.

Excluding items, the US drugmaker earned US$1.23 per share for the three months ended March 31, compared with estimates of 98 cents, according to Refinitiv estimates.

The drugmaker reaffirmed its annual profit forecast of US$3.25 to US$3.45 per share.

Pfizer also maintained its annual Covid products revenue forecast of about US$21.5 billion from both the vaccine and the pill. REUTERS