Pfizer Reports Q2 Net Profit Surge of 78% Driven by Strong Paxlovid Sales

Intelligent Finance APP learned on July 28 (Thursday) before the U.S. stock market that Pfizer (PFE.US) announced its financial results for the second quarter of 2022. The data showed that the company's Q2 revenue was $27.742 billion, the market expectation was $26.2 billion, and the year-ago period was $18.899 billion, a year-on-year increase of 47%; net profit was $9.906 billion, compared with $5.563 billion in the same period last year, a year-on-year increase of 78%; diluted earnings per share under non-GAAP rules were $2.04, the market expectation was $1.78, and the figure for the same period last year was $1.06.

Over the past year, the revenue generated by Pfizer's COVID-19 vaccine has largely driven its performance growth. Following the increase in vaccination rates, the antiviral treatment drug Paxlovid further boosted its overall revenue. Especially after the rise in COVID-19 cases in the United States, demand for Paxlovid surged in recent months.

By business division, Pfizer's Q2 vaccine business revenue was $10.459 billion, compared to $9.234 billion in the same period last year; oncology business revenue was $3.088 billion, compared to $3.145 billion in the same period last year; hospital business revenue was $9.714 billion, compared to $1.745 billion in the same period last year; internal medicine business revenue was $2.405 billion, compared to $2.403 billion in the same period last year; inflammation and immunology business revenue was $850 million, compared to $1.041 billion in the same period last year; rare disease business revenue was $909 million, compared to $895 million in the same period last year.

Among them, the global revenue of the COVID-19 treatment drug Paxlovid was $8.115 billion, surpassing the market's general expectation of $7 billion. The company stated in its earnings report that it recorded a $450 million inventory write-off in the second quarter, related to COVID-19 vaccine products that have already exceeded or are expected to exceed their expiration dates.

Performance Expectations

Pfizer Reiterates Total Revenue of $54 Billion in 2022 for Its COVID-19 Vaccine and Antiviral Drug, Citing Strong Demand; Pfizer Reaffirms Revenue Guidance of $32 Billion for Comirnaty Vaccine and $22 Billion for Paxlovid.

The adjusted full-year earnings per share are currently expected to be in the range of $6.30 to $6.45, compared to the previous forecast of $6.25 to $6.45. Including the impact of foreign exchange and other factors, Pfizer expects full-year revenue to be in the range of $98 billion to $102 billion, consistent with the forecast from the previous quarter.