Pfizer 1Q Profit Rises as Covid-19 Vaccine Fuels Higher Revenue
By Matt Grossman
Pfizer Inc. on Tuesday logged larger first-quarter revenue and
profit figures, growth driven in part by a $3.5 billion sales
contribution from the company's Covid-19 vaccine.
The New York-based pharmaceutical company reported earnings of
86 cents a share, up from 60 cents a share a year earlier. Its
total net income climbed to $4.88 billion, from $3.36 billion.
Stripping out one-time items, Pfizer's adjusted profit was 93
cents a share. Analysts surveyed by FactSet had forecast an
adjusted profit of 77 cents a share.
Pfizer's revenue improved to $14.58 billion from $10.08 billion,
it said. Analysts had expected revenue of $13.54 billion.
The Covid-19 vaccine Pfizer developed with BioNTech SE lifted
Pfizer's total first-quarter vaccine revenue to $4.89 billion.
Revenue from the oncology, internal-medicine, hospital and
rare-diseases segments also all grew by double-digit percentages,
while inflammation and immunology sales rose by 9%, Pfizer
Pfizer drugs including Eliquis, Vyndaqel, Xeljanz, Xtandi and
Inlyta all enjoyed higher sales in the quarter, while sales
declined for Prevnar, Ibrance and Chantix, it said.
The company also benefited from a calendar shift that added more
selling days to the first quarter compared with 2020, Pfizer
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(END) Dow Jones Newswires
May 04, 2021 07:21 ET (11:21 GMT)
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