Pfizer Inc. (PFE) reported a profit for the first quarter that skyrocketed from last year, reflecting a 134 percent surge in revenues amid the solid sales of its COVID-19 vaccine Comirnaty. The company also raised its adjusted earnings and revenue guidance for the full-year 2021, with sales forecast for Comirnaty also raised.
The New York-based company reported net income for the quarter skyrocketed to $8.15 billion or $1.42 per share from $1.46 billion or $0.26 per share in the prior-year quarter.
Excluding items, adjusted income for the quarter was $1.34 per share, compared to $0.59 per share in the year-ago quarter.
Total revenues for the quarter soared 134 percent to $24.09 billion from $10.28 billion in the same quarter last year. Excluding Comirnaty, revenues grew only 7 percent.
Looking ahead to fiscal 2021, the company now projects adjusted earnings in a range of $4.13 to $4.18 per share on revenues between $81.0 billion and $82.0 billion, with revenues of about $36 billion for Comirnaty. Excluding Comirnaty, adjusted earnings are expected in a range of $2.60 to $2.65 per share on revenues between $45.0 billion and $46.0 billion.
Previously, the company expected adjusted earnings in the range of $3.95 to $4.05 per share on revenues between $78.0 billion and $80.0 billion, with revenues of about $33.5 billion for Comirnaty. Excluding Comirnaty, adjusted earnings were expected in the range of $2.55 to $2.65 per share on revenues between $45.0 billion and $47.0 billion.
The company said Pfizer and BioNTech continue to expect to manufacture 3 billion doses of Comirnaty in total by the end of December 2021.
The company also noted it remains on track to achieve its goal of delivering at least two billion doses to low-and middle-income countries by the end of 2022, at least one billion to be delivered this year and one billion next year, with the possibility to increase those deliveries if more orders are placed by these countries for 2022.
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