Pfizer's COVID portfolio Comirnaty, Paxlovid star with ~$14.7B in Q1 sales

May 03, 2022 7:45 AM ETPfizer Inc. (PFE)BNTXBy: Ravikash, SA News Editor11 Comments

Pfizer Canada head office in Kirkland, Quebec, Canada.

JHVEPhoto/iStock Editorial via Getty Images

Pfizer (NYSE:PFE) shares are trading lower pre-market despite Q1 beat.

Q1 non-GAAP EPS rose +70.53% to $1.62, while revenue grew ~77% Y/Y to $25.66B.

Direct sales and alliance revenues of COVID-19 vaccine Comirnaty, which is developed with BioNTech (BNTX), amounted to ~$13.23B, compared to $3.46B in Q1 2021.

The company continues to expect Comirnaty revenues of ~$32B in FY22, despite a ~$1B unfavorable impact from foreign exchange.

Q1 sales of COVID pill Paxlovid amounted to $1.47B. The company reconfirmed its revenue guidance for Paxlovid at $22B, despite a $0.5B unfavorable impact from foreign exchange.

Pfizer (PFE) Chairman and CEO Albert Bourla said that the company was on track to fulfill its commitment to deliver at least 2B doses of Comirnaty to low- and middle-income countries in 2021 and 2022, including at least 1B doses this year.

Sales from Prevnar family of vaccines grew +21.88% to ~$1.57B.

The Hospital segment sales, which included Paxlovid, grew +69% Y/Y to $3.19B.

Oncology segment revenue increased +3.67% Y/Y to ~2.97B. Breast cancer therapy Ibrance saw a slight decline of -1% Y/Y to ~$1.24B.

Internal Medicine segment saw a ~6% Y/Y to 2.44B. Blood clot preventing drug Eliquis' revenues grew +9% Y/Y to 1.79B.

Rare Disease segment revenue increased +17% Y/Y to $963M.

Inflammation & Immunology segment sales declined -23% Y/Y to $821M. Sales of rheumatoid arthritis therapy Xeljanz declined -31% Y/Y to $372M.

On the War in Ukraine Bourla commented: "In response to the devastating war in Ukraine, and as a company that is dedicated to promoting human health, we have chosen to continue to supply the people of Russia with the medications they need, and are donating all profits from our Russian subsidiary to humanitarian efforts in Ukraine."

Outlook:

Pfizer reaffirmed FY22 revenues outlook, which remains below consensus. The company expects revenue between $98B and $102B, which includes operational increases offset by ~$2B of negative foreign exchange impacts. Consensus Revenue Estimate for FY22 is $105.90B.

The company lowered its Adjusted EPS to be in the range of $6.25 to $6.45, from prior estimate of $6.35 to $6.55, to reflect an $0.11 negative impact for an accounting policy change to include all Acquired In-Process R&D Expenses. Consensus EPS Estimate is FY22 is $7.13.

PFE -1.22% to $47.75 premarket May 3

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