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Pfizer Q1 Profit Rises; Lifts FY Outlook

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Pfizer Inc. (PFE) reported a profit for the first-quarter that increased 45 percent from last year. It raised 2021 guidance driven by the updated expectations for contributions to 2021 performance from COVID-19 vaccine, as well as the strong performance of the business, partially offset by anticipated additional R&D investments into vaccines to protect against COVID-19.

Quarterly revenues rose 45 percent from the prior year. The company reported $3.5 billion in first-quarter sales of its COVID-19 vaccine.

The company raised its fiscal year 2021 adjusted earnings per share outlook to a range of $3.55 - $3.65 from the prior outlook of $3.10 - $3.20. Analysts expect annual earnings of $3.36 per share.

The company also increased its annual revenues guidance to a range of $70.5 billion - $72.5 billion from the prior estimation of $59.4 billion - $61.4 billion. Analysts expect revenues of $62.99 billion.

The company now expects full-year sales of $26 billion from the COVID-19 vaccine, up from its previous forecast of about $15 billion, reflecting 1.6 billion doses expected to be delivered in 2021 under signed contracts as of mid-April 2021.

Pfizer's first-quarter net income attributable to common shareholders grew 45 percent to $4.88 billion from the previous year's $3.36 billion, with earnings per share improving to $0.86 from $0.60 last year.

Adjusted net income was $0.93 compared to $0.63 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.78 per share for the first-quarter. Analysts' estimates typically exclude special items.

Revenues for the first-quarter were $14.6 billion, an increase of $4.5 billion, or 45 percent, from the prior-year quarter, reflecting operational growth of $4.2 billion, or 42 percent, as well as a favorable impact of foreign exchange of $284 million, or 3%. Analysts expected revenues of $13.6 billion for the quarter.

First-quarter 2021 operational growth was primarily driven by BNT162b2, which contributed $3.5 billion in global revenues.

In Tuesday pre-market trade, PFE was trading at $40.34 up $0.51 or 1.28 percent.

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