Pfizer rides Paxlovid sales to better-than-expected qtr
Pfizer’s COVID-19 treatment helped the pharmaceutical giant balance tumbling international sales for its coronavirus vaccine and top third-quarter expectations.
The pill treatment Paxlovid brought in $7.5 billion in sales in the quarter and has generated more than $17 billion so far this year.
Sales from the vaccine Comirnaty, meanwhile, tumbled 66% to $4.4 billion in the quarter, mainly due to changes in a European Commission supply agreement that pushed dose deliveries into the fourth quarter. Sales also were hurt by slow demand in emerging markets.
But vaccine sales jumped in the United States after regulators approved a new booster dose and expanded access to children as young as 6 months old.
Pfizer also announced Tuesday that a large international study found vaccinating moms-to-be was nearly 82% effective at preventing severe cases of RSV, the common but scary respiratory virus, in their babies’ most vulnerable first 90 days of life.
Overall, Pfizer’s profit jumped 6% to $8.61 billion in the quarter, or $1.78 adjusted earnings per share. That easily topped analyst expectations of $1.39, according to a survey by FactSet.
Revenue slid 6% to $22.64 billion as the strong dollar dented international sales, falling short of Wall Street projections of $21.07 billion in sales.
Pfizer Inc., based in New York, also raised and narrowed its 2022 earnings forecast. It now expects adjusted earnings to range between $6.40 and $6.50 per share.
Analysts forecast earnings of $6.40 per share.
Company shares jumped 4% before the opening bell. (AP)
fourth place in its fifth weekend with another $5.1 million, bringing its domestic total to $92.4 million (on a $17 million budget), while “Halloween Ends” landed in fifth place in its third weekend with $3.8 million. “Ends,” which has grossed $60.3 million in North America, was released simultaneously on NBC Universal’s streaming service Peacock.
“This is just another mandate in favor of horror,” said Paul Dergarabedian, Comscore’s senior media analyst. “It’s not just about being in October, horror movies have played well throughout the pandemic. It’s a genre that continues to kill it at the box office time and again.”
Chinonye Chukwu’s Mamie
Till-Mobley film “Till” went wide this weekend, adding $2.8 million from 2,058 locations to take seventh place. Boasting a 98% on Rotten Tomatoes, the United Artists Releasing film has gotten good word of mouth with much of it centered on Danielle Deadwyler’s performance.
This weekend also saw the expansion of several notable films, like Todd Field’s “Tár,” which expanded to 1,087 theaters nationwide where it grossed $1 million and landed in 10th place. Cate Blanchett’s performance as a renowned composer and conductor won her a top acting prize from the Venice Film Festival last month. (AP)