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Pfizer (NYSE:PFE) shares are up almost 4% in pre-market trading after the company reported better-than-expected results and raised its guidance.
Pfizer reported an adjusted EPS of $1.78 on revenue of $22.64 billion to top the analyst consensus that was expecting an EPS of 1.44 on revenue of $21.33 billion. The company generated $4.4 billion in revenue from the Covid-19 vaccine, nearly double the $2.54 billion expected.
Pfizer also raised its full-year revenue outlook for Comirnaty (Covid-19 vaccine) to $34 billion from the prior $32 billion. Total revenue should come between $99.5 billion and $102 billion, slightly higher than the prior range of $98 billion to $102 billion. The adjusted EPS is seen at $6.45 (the midpoint), up from the prior midpoint of $6.375.
Cantor Fitzgerald analysts noted that the beat was mostly driven by vaccine sales. The analysts reiterated Cantor’s view that Pfizer’s products and pipeline “remain underappreciated.”
“PFE’s sales growth should be driven by solid execution and innovation, in our view. Hence, we believe that upwards earnings estimate revisions and multiple expansion should move PFE’s shares higher,” they said in a client note.
BMO analysts said Pfizer delivered a “much better quarter than expected.”
“While the bears will point to the massive Comirnaty beat as unsustainable, we’re not yet throwing in the towel given an emerging pipeline and significant balance sheet flexibility,” they told clients in a note.
