Pfizer’s stock price rose 1 percent in pre-market trading as the company said its third-quarter net profit skyrocketed due to the strong performance of its vaccine production arm, prompting the drugmaker to raise its 2021 forecast.
New York-based Pfizer’s net profit rose to $ 8.15 billion in the three months to the end of September, from $ 1.46 billion. USD in the same period last year, beating analyst estimates. This was an increase of 46.4 percent on a quarterly basis.
Revenue more than doubled annually to more than $ 24 billion, exceeding analysts’ estimates of $ 22.8 billion. The company raised its sales forecast for coronavirus vaccine for 2021 to $ 36 billion.
“While we are proud of our third quarter financial results, we are even more proud of what these financial results represent in terms of the positive impact we have on human life around the world,” said Albert Bourla, Pfizer’s Chairman and CEO Manager. .
Pfizer said it is still on track to reach its goal of delivering at least two billion Pfizer-BioNTech vaccine doses, marketed as Comirnaty, to low- and middle-income countries by the end of 2022.
“At least a billion [doses] to be delivered this year and a billion next year, with the possibility of increasing these deliveries if more orders are placed by these countries by 2022, ”Mr Bourla said.
One billion of these doses will be delivered to the U.S. government at a not-for-profit price to be donated to the world’s poorest nations.
“Our ultimate goal is to help end this pandemic as soon as possible, but also to apply the experience we have learned through our work with the vaccine to all of our therapeutic areas. We look forward to providing future updates on these efforts, ”said Mr Bourla.
More than 75 percent of the sales that the company recorded through the third quarter for Comirnaty have come from supplier countries outside the United States.
Pfizer’s vaccine production arm added more than 60 percent to total revenue. It recorded a 749.3 percent year-on-year increase in sales to $ 14.6 billion. USD in the third quarter.
Sales of internal medicine units increased by 1 percent annually to more than 2 billion. USD during the three-month period. Revenue from the oncology unit increased by almost 12 percent on an annual basis to more than 3 billion. USD.
The company’s hospital unit contributed almost DKK 2.4 billion. USD in sales, nearly 32 percent more than last year.
All units of Pfizer showed good growth in the third quarter, except for the company’s inflammation and immunology department, which added more than 1 billion. USD in sales, an annual decline of 7 percent.
The company now expects full-year revenue in the order of $ 81 billion. to $ 82 billion. compared to $ 78 billion. to $ 80 billion.
The adjusted earnings per. stock is expected to reach $ 4.1 to $ 4.2, up from the previous forecast of $ 3.9 to $ 4. The company expects to deliver more than 2.3 billion vaccine doses this fiscal year, earning $ 36 billion.
“We continue to make progress in advancing our internal pipeline across all therapeutic areas, while using our capital cautiously through partnerships and bolt-on acquisitions,” said Frank D’Amelio, CFO and Executive Vice President of Global supply at Pfizer.
It will help the company “gain access to cutting-edge platforms, science and technologies that could potentially boost our growth in the second half of this decade,” he added.
During the first nine months of the fiscal year 2021, Pfizer paid out $ 6.5 billion. in cash dividends, or $ 1.17 per. share of ordinary shares, which represents an increase in dividend per share. share of 3 percent compared to the same period last year.
Updated: November 2, 2021, 2:06 p.m.