Covid-19 Vaccine maker Pfizer said on Tuesday that its revenue in the third quarter of 2022 was more than $22 billion. This was 6 percent down compared with the same quarter a year ago, but the company exuded confidence that its overall revenue guidance for the year remained robust.
The pharma major raised the lower end of its sales guidance, saying that it expects revenue of as much as $102 billion for the year. The vaccine maker also raised its full-year sales guidance for its Covid-19 vaccine to $34 billion this year. The company expects as much as $22 billion from the sale of antiviral pill Paxlovid used in Covid-19 treatment.
Pfizer Sells $4.4 Billion Doses of Covid Vaccine in Q3
According to data shared in the earnings call, Pfizer sold $4.4 billion doses of its Covid-19 vaccine worldwide in the third quarter. However, this was a whopping 66 percent down compared with the the third quarter of 2021.
Pfizer said it expects earnings per share of $6.40 to $6.50 for 2022
The drug maker also raised its 2022 financial guidance for revenues by around $1.7 billion for earnings per share by $0.19. "Given our strong third-quarter performance and our improving outlook for the year, we are increasing our operational expectations for revenues by $1.7 billion and adjusted diluted earnings per share by $0.19," Dave Denton, Chief Financial Officer, said.
$22 Billion from Paxlovid
Government spending around the world on Covid-19 vaccine accounted for a huge chunk of the revenue, while one-third of the revenue was from antiviral pill Paxlovid, which is part of a five-day treatment course for Covid-19 patients. "For Paxlovid, we expect sales of approximately $22 billion, keeping the guidance range unchanged despite the negative incremental impact of changes in FX," Denton added.
Almost 20 percent of Pfizer's third quarter revenue came from th company's Covid-19 vaccine Comirnaty.
Covid-19 to Keep Boosting Revenues
Pfizer CEO Albert Bourla has said the company's revenue will keep rising on account of its leadership in the Coronavirus vaccine segment. He said profits would keep rising for years as lingering virus cases will demand seasonal upgrades to vaccines. He said during the earnings call that it was possible that the drug maker would continue making money from Covid-19-related products into 2030.
"With regard to our COVID-19 products, while their sales may fall from our expected 2022 levels of approximately combined $55 billion, we believe our COVID-19 franchises will remain multibillion-dollar revenue generators for the foreseeable future which should serve as a buffer for any unforeseen challenges with other products in our portfolio," CEO Bourla said in earning the conference call.
The Coronavirus epidemic had caused a huge spurt in the revenues of Pfizer. The company's revenue in 2021 was more than $81 billion, which was more than double its revenue in the previous year.