Pfizer cuts 2022 earnings outlook despite strong Covid vaccine and antiviral sales

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Albert Bourla, chief executive officer of Pfizer pharmaceutical company, arrives to ring the closing bell at the New York Stock Exchange.
Drew Angerer | Getty Images

Pfizer beat on its top and bottom line in its first quarter earnings report, driven by strong sales of its Covid vaccine and oral antiviral treatment.

The pharmaceutical giant said it sold $13.2 billion of its Covid vaccine and $1.5 billion of its antiviral treatment Paxlovid in the first quarter.

Here’s how Pfizer performed compared to what Wall Street expected, based on analysts’ average estimates compiled by Refinitiv:

Adjusted EPS: $1.62 per share, vs. $1.47 expectedRevenue: $25.66 billion, vs. $23.86 billion expected

Shares of Pfizer were effectively flat in premarket trading.

The company reaffirmed its full-year 2022 guidance of $32 billion in Covid vaccine sales and $22 billion for Paxlovid.

This is a developing story. Please check back for updates.

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