November 29, 2022

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Pfizer Gains as Covid-19 Vaccine Strikes, Analysts See Upside from Investing.com

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©Health & Fitness Journal. Pfizer (PFE) gains as Covid-19 vaccine packs a punch, analyst sees upside

By Senad Karaahmetovic

Pfizer (NYSE:) shares are up nearly 4% in premarket trading after the company reported better-than-expected results and raised its guidance.

Pfizer reported adjusted earnings of $1.78 on sales of $22.64 billion, beating analyst consensus which called earnings per share of $1.44 on sales of 21.33 billion dollars expected. The company had sales of $4.4 billion from the Covid-19 vaccine, almost double the $2.54 billion it was expecting.

Pfizer also raised its full-year sales guidance for Comirnaty (Covid-19 vaccine) to $34 billion from a previous $32 billion. Total revenue should be between $99.5 billion and $102 billion, slightly up from the previous range of $98 billion to $102 billion. Adjusted earnings per share are $6.45 (midpoint), up from the previous median of $6.375.

Cantor Fitzgerald analysts noted that the hit was mostly driven by vaccine sales. The analysts reiterated Cantor’s view that Pfizer’s products and pipeline “continue to be underappreciated.”

“PFE’s revenue growth should be driven by solid execution and innovation, in our view. As such, we believe the upward revision of earnings estimates and multiple expansion should propel PFE’s shares higher,” they said in a note to clients.

BMO analysts said Pfizer delivered a “much better quarter than expected.”

“While the bears will flag the massive Comirnaty hit as unsustainable, given an emerging pipeline and significant balance sheet flexibility, we are not yet throwing in the towel,” they told clients in a note.

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