Pfizer (NYSE: PFE) stock was up in pre-market trading on Tuesday as adjusted earnings in the third quarter came in at $1.78 per share, soaring 40% year-over-year and beating analysts’ estimates of $1.39.
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However, the pharma giant’s Q3 revenues slumped 6% year-over-year to $22.6 billion, but still surpassing Street estimates by $1.5 billion.
David Denton, CFO and EVP of Pfizer stated, “We saw strong operational performance this quarter from key brands such as Paxlovid and Eliquis, particularly in the U.S., as well as the continued impressive launch of Prevnar 20 for adults in the U.S. In addition, we continue to make progress toward our goal of adding at least $25 billion in risk-adjusted 2030 revenues to Pfizer’s portfolio through business development.”
Pfizer also raised the lower end of its FY22 revenue outlook and now expects it to range between $99.5 and $102 billion, “reflecting an improved operational outlook.”
The company also raised its FY22 adjusted earnings per share guidance and now anticipates it to come in between $6.40 and $6.50 versus $6.30 and $6.45 earlier.
