Pfizer (US:PFE) on Tuesday lifted its revenue outlook for the year, saying that it will have about $2 billion more COVID-19 vaccine sales than previously expected and now sees the Comirnaty vaccine generating $34 billion in sales this year.
It now expects the full year 2022 revenue of $99.5 billion to $102.0 billion and said its business is growing despite negative fallout from the rising US dollar as its operations improved despite seeing a hit from a stronger dollar.
The company also said Tuesday that its third quarter sales fell 5.8% in the third quarter, driven by some COVID-19 vaccine delivery problems in the European Union.
For the third quarter, sales fell 5.8%, or $1.4 billion, to $22.6 billion, due to an 87% decline in Covid-19 vaccine sales outside the U.S., Pfizer said Tuesday.
Pfizer said third quarter global vaccine sales fell to $4.4 billion, down from nearly $13 billion a year ago but topped Wall Street analysts’ forecast sales of $2.6 billion.
Among other Pfizer products, revenue for breast cancer treatment Ibrance dropped 7% to roughly $1.3 billion, while Xeljanz dropped by 18% to $502 million.
Pfizer expects its COVID-19 products to “remain multibillion-dollar revenue generators for the foreseeable future, which should serve as a buffer for any unforeseen challenges with other products in our portfolio,” Pfizer Chief Executive Albert Bourla said. He said that Pfizer continues to update its portfolio of Covid-19 treatments.
Regarding the rest of the third quarter results, Pfizer reported net income of $8.6 billion, or $1.51 a share, compared with $8.1 billion, or $1.42 a share, for the previous year. Absent special items, the drug company’s earnings came in at $1.78 a share. Analysts polled had been expecting $1.39 a share.
“We believe we not only can overcome these expected declines but also can potentially generate strong growth through the end of the decade,” Bourla said.
This article originally appeared on Fintel
The Modern Investment App For a Richer Tomorrow (Sponsored)
Robinhood set out to democratize investing to individuals, and it’s not slowing down. The app makes it possible to buy and sell stocks, mutual funds, trade options, and even cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
With FDIC insurance ,an award winning design, and benefits like IRAs and more, Robinhood could be your path to a richer tomorrow.
Sign up today — click here to start your journey.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.