Summary
Pfizer Inc. reported a substantial increase in revenues for the first quarter of 2022, reaching $25.7 billion, a 77% jump from the prior year's quarter. This growth was overwhelmingly driven by sales of its COVID-19 vaccine, Comirnaty, and its COVID-19 treatment, Paxlovid, which contributed significantly to both domestic and international markets. Net income attributable to Pfizer Inc. common shareholders also saw a significant increase, rising to $7.86 billion ($1.37 per diluted share) from $4.88 billion ($0.86 per diluted share) in the same period last year. The company also completed the acquisition of Arena Pharmaceuticals for $6.6 billion, adding new development-stage therapeutic candidates to its portfolio. While the core business demonstrated strong performance fueled by its COVID-19 products, Pfizer continued to invest in its R&D pipeline and manage its strategic transformation, which included restructuring charges and ongoing business development activities. The company reaffirms its full-year revenue guidance for Comirnaty and Paxlovid, indicating continued reliance on these products for growth.
Financial Highlights
53 data points| Revenue | $25.66B |
| Cost of Revenue | $9.98B |
| Gross Profit | $15.68B |
| SG&A Expenses | $2.59B |
| Interest Expense | $322.00M |
| Net Income | $7.86B |
| EPS (Basic) | $1.40 |
| EPS (Diluted) | $1.37 |
| Shares Outstanding (Basic) | 5.62B |
| Shares Outstanding (Diluted) | 5.76B |
Key Highlights
- 1Total revenues surged by 77% to $25.7 billion, primarily driven by strong sales of Comirnaty (COVID-19 vaccine) and Paxlovid (COVID-19 treatment).
- 2Net income attributable to Pfizer Inc. common shareholders increased to $7.86 billion, or $1.37 per diluted share, compared to $4.88 billion, or $0.86 per diluted share, in the prior year's quarter.
- 3The company completed the acquisition of Arena Pharmaceuticals for $6.6 billion, expanding its pipeline in immuno-inflammatory diseases.
- 4Operational revenue growth, excluding direct sales and alliance revenues of Comirnaty and sales of Paxlovid, was 2%, demonstrating resilience in other product areas.
- 5Pfizer is reaffirming its 2022 revenue forecast of approximately $32 billion for Comirnaty and $22 billion for Paxlovid.
- 6Research and development expenses increased by 15% to $2.3 billion, reflecting continued investment in late-stage clinical programs and COVID-19 related initiatives.
- 7The company repurchased $2.0 billion of its common stock in the first quarter of 2022.