31 January 2023

Pfizer exceeds fourth-quarter expectations but starts 2023 with low forecast

31 January 2023

Covid-19 booster vaccines and treatments for coronavirus helped push Pfizer to a better-than-expected final quarter of 2022.

However, the pharmaceutical giant announced on Tuesday a 2023 forecast that starts off well below Wall Street forecasts.

In the recently completed fourth quarter, Pfizer booked nearly half of its 24.29 billion US dollars (£19.62 billion) in revenue from its top-selling Covid vaccine Comirnaty and another 1.8 billion dollars (£1.5 billion) from the treatment Paxlovid.

Overall, the drug-maker posted adjusted earnings of 1.14 dollars (92p) per share.

Analysts had forecast fourth-quarter earnings of 1.05 dollars (85p) per share on 24.38 billion dollars (£19.69 billion) in revenue, according to FactSet.

For the new year, Pfizer expects adjusted earnings to range between 3.25 dollars (£2.63) and 3.45 dollars (£2.79) per share.

Analysts expect earnings of 4.34 dollars (£3.50) per share for 2023, according to FactSet.

Shares in New York-based Pfizer Inc fell in early-morning trading on Tuesday.

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