Pfizer Sales Beat Estimates on Robust Covid Vaccine Sales; Analyst Weigh In on Results

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Pfizer Sales Beat Estimates on Robust Covid Vaccine Sales; Analyst Weigh In on Results
Credit: © Reuters.

Pfizer (NYSE: PFE ) today reported Q1 results with sales coming in ahead of expectations - $25.66 billion vs $24.36 billion consensus.

The beat was driven by the strong performance of the COVID-19 vaccine business which generated sales of $13.23 billion to smash the $10.6 billion consensus. Adjusted EPS came in at $1.62.

Pfizer also reaffirmed guidance for revenue of $98 billion to $102 billion and EPS of $6.25 to $6.45. Vaccine sales for FY2022 are expected around $32 billion.

Cantor Fitzgerald analyst Louise Chen maintained an Overweight rating and a $75.00 per share price target.

“We are confident that PFE can meet its guidance for a five-year revenue CAGR of at least 6%, or even higher with its COVID-19 franchise and additional mRNA projects in development, which is above our ~4% estimate for the industry average. Therefore, we believe PFE's sales growth should be driven by solid execution and innovation. Hence, upwards earnings estimate revisions and multiple expansion should move PFE's shares higher, in our view,” the analyst commented.

BMO analyst Evan David Seigerman is more cautious compared to Chen.

“Top- and bottom-line beats, but we think investors will be cautious on the reaffirmations of guidance for Paxlovid and Comirnaty. This could signal a slowing of any sort of Covid-19 benefit. While we still think there is demand for Paxlovid, maintaining the January guide suggests that it is not increasing as we move from pandemic to a more endemic state,” Seigerman told clients.

Shares of Pfizer are down half a percent in pre-open Tuesday.

By Senad Karaahmetovic


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