What happened
Shares of Pfizer (PFE -0.72%) rose 2% on Tuesday after the drugmaker reported strong first-quarter growth.
So what
Pfizer's revenue surged 77% year over year to $25.7 billion. Its adjusted net income soared 74% to $9.3 billion, or $1.62 per share. Both figures were well above Wall Street's consensus estimates for sales of $23.9 billion and adjusted earnings of $1.47 per share.
The gains were driven by staggering sales of Pfizer's COVID-19 vaccine and antiviral drugs. The pharmaceutical titan generated a whopping $13.2 billion in revenue from the Comirnaty vaccine and $1.5 billion from its Paxlovid antiviral treatment.
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"We continue to supply the world with Comirnaty, which remains a critical tool for helping patients and societies avoid the worst impacts of the COVID-19 pandemic ... In addition, we are delivering on our production commitments for Paxlovid, which is already having a profound impact on the lives of patients," said Dr. Albert Bourla, Pfizer's CEO, in a press release.
Now what
Pfizer reiterated its 2022 forecast for revenue in the range of $98 billion to $102 billion, including $32 billion in sales for Comirnaty and $22 billion for Paxlovid. Management also slightly reduced its earnings per share guidance range to $6.25 to $6.45, but that was due to an accounting adjustment relating to acquired research and development expenses.
Booster shots and vaccines for children are expected to be key drivers of the company's results in the year ahead. By early June, Pfizer intends to request authorization from the Food and Drug Administration for its COVID-19 vaccine to be administered to children under 5 years old.
