Pfizer Raises 2022 COVID-19 Vaccine Revenue Outlook

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

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.