Pfizer Q1 Profit Rises; Cuts Adj. EPS Outlook To Reflect Impact For Accounting Policy Change

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Pfizer Inc. (PFE) reported a 76 percent year-over-year operational adjusted earnings per share growth in its first quarter. Also, the company recorded 82% operational revenue growth overall and 2% operational growth excluding Comirnaty and Paxlovid. The company said its revenue growth was primarily driven by Comirnaty, Paxlovid, Prevnar family in U.S., Eliquis, Vyndaqel and Oncology Biosimilars in U.S.

First quarter adjusted EPS increased to $1.62 from $0.95, prior year. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $1.47, for the quarter. Analysts' estimates typically exclude special items.

First quarter reported net income increased to $7.86 billion or $1.37 per share from $4.88 billion or $0.86 per share, last year.

First-quarter revenues were $25.7 billion, an increase of 77%, compared to the prior-year, reflecting operational growth of 82%, as well as an unfavorable impact of foreign exchange of 5%. Analysts on average had estimated $23.86 billion in revenue.

Pfizer revised its full-year guidance for adjusted EPS to a range of $6.25 to $6.45 solely to reflect an $0.11 negative impact for an accounting policy change to include all acquired in-process R&D expenses in adjusted results. Previously, the company projected adjusted EPS of $6.35 to $6.55. Pfizer reaffirmed its previous 2022 revenue guidance, including its guidance for Comirnaty, the Pfizer-BioNTech SE COVID-19 vaccine, and for Paxlovid, its oral COVID-19 treatment, despite unfavorable impacts from foreign exchange. The company continues to project revenues $98.0 to $102.0 billion.

Pfizer said it is on track to fulfill its commitment to deliver at least 2 billion doses to low- and middle-income countries in 2021 and 2022, including at least 1 billion doses in the current year.

Pfizer noted that it remains committed to delivering attractive shareholder returns in 2022 and beyond.

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