Pfizer (PFE.US) shares gained nearly 3.6% in early trading today after the drugmaker boosted its revenue and revised upward its full-year earnings per share forecast, citing strong demand for its Paxlovid formulation. The vaccine maker also reported third-quarter sales that exceeded analysts' estimates. Despite the strong results, the stock erased early gains and is currently losing 1.5%.
COMMENTS FROM WALL STREET ANALYSTS:
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Create account Try a demo Download mobile app Download mobile appJP Morgan - “(...) revenue growth in the quarter was largely driven by the sale of another sizable tranche of Covid vaccines. Ultimately, we believe that an improved performance in terms of new product launches and/or further progress in the development of current projects will be required for a significant change in the company's narrative, which we believe is more likely in the second half of FY25 or beyond.”
Barclays - “upward guidance revisions are mainly due to vaccines on Covid. “We expect an increased focus on momentum in 2025 (where the company has said little to date).”
ANNUAL FORECAST
- Adjusted earnings per share of $2.75 to $2.95, previously estimated at $2.45 to $2.65
- Revenue of $61.0 to $64.0 billion, previously estimated $59.5 to $62.5 billion
THIRD QUARTER RESULTS
- Revenues $17.70 billion, estimate $15.08 billion
- Research and development costs $2.56 billion, estimate $3.06 billion
OTHER COMMENTS:
- Current financial forecasts do not include any share repurchases in 2024
Financial dashboard with key financial information regarding the company. Source: XTB
The company's shares are losing nearly 1.5% in today's session and have broken out of the zone of local minima that has capped deeper declines since August of this year.
Source: xStation
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