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Covid Vaccine Maker Beats Views, Sharply Raises Sales Guidance

Pfizer (PFE) now expects its Covid vaccine to generate $33.5 billion in full-year sales, the company said Wednesday following a broad second-quarter beat. But Pfizer stock only inched ahead.




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The drug giant’s guidance includes new contracts for the Pfizer and BioNTech (BNTX)-partnered vaccine. It’s up from Pfizer’s prior outlook for $26 billion. Now, the companies expect to deliver 2.1 billion doses this year. Both numbers will likely increase, Mizuho Securities analyst Vamil Divan said.

Data also released Wednesday suggest antibody levels fade eight months following immunization. Pfizer is testing a booster dose and could seek emergency authorization next month, Divan said in a report to clients. It’s also working on a delta-variant specific booster with a study set for next month.

“The company also is highlighting data on the potential benefit of booster shots, both for wild type strains and for the delta variant,” he said. “Pfizer continues to be believe a third dose booster may be needed within six to 12 months after initial vaccination to maintain the highest levels of protection.”

In early trading on the stock market today, Pfizer stock rose 0.9% near 42.50. Shares recently overtook a buy point at 41.19 out of a cup-with-handle base, according to MarketSmith.com.

Pfizer Stock: Earnings Beat On Bullish Vaccine Sales

Overall, the second quarter was strong. Pfizer earned $1.07 per share — minus certain items — on $18.98 billion in sales. Earnings easily beat the forecast from Pfizer stock analysts for 97 cents per share, and grew 73% year over year. Sales rocketed 92% and topped expectations for $18.71 billion.

Mizuho’s Divan noted most key products performed well. Pfizer notched beats for its blood thinner Eliquis, breast cancer drug Ibrance and pneumonia vaccine Prevnar 13. But sales of inflammation drug Xeljanz were light due to ongoing safety concerns, Mizuho’s Divan said.

The Covid vaccine generated $7.8 billion in sales.

Pfizer also hiked its full-year sales outlook by $7.5 billion at the midpoint. The company projects $78 billion to $80 billion in sales. The Covid vaccine would account for more than 42% of total revenue. The new guidance handily beat Pfizer stock analysts’ view for $72.53 billion in sales.

Adjusted income is expected to come in at $3.95-$4.05 a share, up from Pfizer’s earlier guidance for $3.55-$3.65 per share. Even the low end of the outlook beat forecasts for $3.71 earnings per share.

Follow Allison Gatlin on Twitter at @IBD_AGatlin.

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