Pfizer Inc. (NYSE: PFE) released its second-quarter earnings report before the markets opened on Tuesday. The pharma giant posted $0.78 in earnings per share (EPS) and $11.8 billion in revenue, while consensus estimates had called for $0.66 in EPS and $11.6 billion in revenue. The same period of last year reportedly had $0.80 in EPS and $13.26 billion in revenue.
During the quarter, revenues decreased $1.5 billion, or 11% year over year, reflecting an operational decline of $1.2 billion, or 9%, as well as the unfavorable impact of foreign exchange of $277 million.
For the second quarter, Biopharma revenues totaled $9.8 billion, an increase 6% operationally, primarily driven by Vyndaqel/Vyndamax, Eliquis, Ibrance and the Hospital business in the United States.
Upjohn revenues totaled $2.0 billion, down 31% operationally, primarily driven by the expected significant volume declines for Lyrica in the United States due to multisource generic competition that began in July 2019. However, Upjohn revenues in China did grow by 17% operationally, primarily driven by Lipitor and Norvasc.
Perhaps some of the biggest news hitting Pfizer Tuesday was that the company, in collaboration with BioNTech, was initiating its late-stage trial for its COVID-19 vaccine. This trial will be testing the safety and efficacy of BNT162b2 with up to 30,000 participants around the world.
This coronavirus vaccine candidate has been the main driver of the stock over the past few months, and to a degree the market as a whole. Management has been incredibly positive on the vaccine candidate and a finish line is in sight.
Looking ahead to the 2020 fiscal year, the company increased its guidance. Currently, Pfizer is calling for EPS in the range of $2.85 to $2.95 and revenue of $48.6 billion to $50.6 billion. The consensus estimates are $2.88 in EPS and $49.14 billion in revenue.
Pfizer stock traded up about 2% on Tuesday to $38.26, in a 52-week range of $27.88 to $40.97. The consensus price target is $40.25.