Pfizer Turns To Profit In Q4; Raises FY Profit View
Pfizer Inc. (PFE) reported a profit for the fourth-quarter compared to a loss in the prior year. Quarterly revenues increased 12 percent from the prior-year quarter.
The company raised its fiscal year 2021 adjusted earnings per share outlook to a range of $3.10-$3.20 from the prior estimation of $3.00 – $3.10, due primarily to additional refinements of its COVID-19 vaccine revenue forecast. Analysts expect annual earnings of $3.19 per share.
The company now expects revenues to be between $59.4 billion and $61.4 billion for fiscal year 2021. Analysts expect revenue of $56.72 billion for the fiscal year 2021.
The company expects about $15 billion in sales from the COVID-19 vaccine in fiscal year 2021.
The New York drugmaker, the first company to receive U.S. emergency use authorization for a COVID-19 vaccine, reported that its net income for the fourth-quarter was $594 million or $0.10 per share compared to a loss of $337 million or $0.06 per share in the previous year.
Adjusted income for the fourth-quarter was $2.37 billion or $0.42 per share compared to $2.06 billion or $0.36 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share for the fourth-quarter. Analysts’ estimates typically exclude special items.
Revenues for the fourth-quarter were $11.68 billion, an increase of $1.2 billion or 12 percent from the prior-year quarter, reflecting operational growth of $1.1 billion or 11 percent, as well as a favorable impact of foreign exchange of $100 million or 1 percent. Analysts expected revenue of $11.43 billion for the quarter. Excluding Sales of BNT162b2, revenues grew 9 percent operationally.
BNT162b2, the Pfizer-BioNTech COVID-19 vaccine, was granted an emergency use authorization in the U.S. in December 2020, and which contributed $154 million in sales in the fourth quarter.
The company noted that Upjohn business now accounted for as a discontinued operation for all periods presented.
In Tuesday pre-market trading, PFE was trading at $35.81 up $0.01 or 0.03 percent.
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