Pfizer (PFE.US) stock price rose sharply before the opening bell after the pharmaceutical company posted upbeat quarterly results. In the third quarter Pfizer earned $1.34 per share, well above analysts' estimates of $1.09 per share. Revenue also topped market expectations. Group sales for the third-quarter sales were 130% higher than a year earlier at $24.1 billion, while Wall Street expected $22.58 billion in revenue helped by soaring international sales of its Covid-19 vaccine.
The company also issued an improved full-year guidance on strong demand for both its Covid-19 vaccine and non-Covid treatments. The drugmaker now expects 2021 adjusted earnings of $4.13 to $4.18 per share on revenue ranging from $81 billion to $82 billion. Meanwhile for 2021, analysts expect earnings of $4.04 per share on $78.77 billion in revenue. Company now expects to book about $36 billion in sales from the vaccine this year.
Pfizer (PFE.US) stock rose 4% in pre-market and is currently testing 38.2% Fibonacci retracement of the last downward wave. Source: xStation5
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