This post was originally published on this site
Pfizer (NYSE:PFE) topped estimates when it reported earnings for the second quarter premarket Thursday.
The drugmaker reported a profit of $2.04 per share, $0.33 better than the analyst estimate of $1.71. Revenue for the quarter came in at $27.7 billion versus the consensus estimate of $25.26 billion.
However, Pfizer’s guidance was below consensus. The company sees fiscal 2022 earnings per share between $6.30 and $6.45, versus the consensus of $6.62, while it expects fiscal 2022 revenue between $98 billion and $102 billion, versus the consensus of $103 billion.
Following the report, a Cantor Fitzgerald analyst said the firm is maintaining its Overweight rating and price target of $75 for Pfizer shares.
“We think respectable earnings growth, driven by Innovative Medicines, pipeline advancements, and return of capital, are all underappreciated. Therefore, we believe multiple expansion and upward earnings estimate revisions should drive PFE shares higher,” wrote the analyst.
In addition, Cowen analyst Steve Scala maintained an Outperform rating and $60 price target on Pfizer, telling investors in a note that “Q2 sales beat expectations as did EPS. Guidance for 2022 revenue was reiterated and EPS raised at the low end. Comirnaty and Paxlovid 2022 guidance was reiterated though Q2 sales beat our estimate.”
