Pfizer Inc. (PFE) reported a profit for the third quarter that increased six percent from last year, reflecting higher benefit from tax resolutions for multiple years, despite a 6 percent decline in revenues. Both adjusted earnings and quarterly revenues topped analysts' expectations. The company also raised its adjusted earnings and revenue guidance for the full-year 2022.
In pre-market activity on the NYSE, Pfizer shares are gaining 2.28 percent to trade at $47.61.
"Third-quarter results demonstrated commercial strength across many areas of our business, but was somewhat obscured by the incredibly strong performance in the prior year," said David Denton, EPV and CFO.
The New York-based company reported net income for the quarter increased 6 percent to $8.61 billion or $1.51 per share from $8.15 billion or $1.42 per share in the prior-year quarter.
Excluding items, adjusted income for the quarter was $1.78 per share, compared to $1.27 per share in the year-ago quarter.
On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $1.39 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter declined 6 percent to $22.64 billion from $24.04 billion in the same quarter last year. Excluding Paxlovid and Comirnaty, operational revenues grew 2 percent. Analysts expected revenues of $21.04 billion for the quarter.
Looking ahead to fiscal 2022, the company now projects adjusted earnings in a range of $6.40 to $6.50 per share on revenues between $99.5 billion and $102.0 billion, with revenues of about $34 billion for Comirnaty and about $22 billion for Paxlovid.
Previously, the company expected adjusted earnings in the range of $6.30 to $6.45 per share on revenues between $98.0 billion and $102.0 billion.
The Street is looking for earnings of $6.38 per share on revenues of $99.60 billion for the year.
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