Pfizer Stock Lower As Covid Sales Power Q2 Earnings Beat

Updated at 9:35 am EST

Pfizer Inc. (PFE) – Get Pfizer Inc. report posted stronger-than-expected second quarter earnings Tuesday, as well as record revenues, while nudging its full-year profit forecast higher amid improving sales of its Covid treatments.

Pfizer said adjusted earnings for the three months ending in June were pegged at $2.04 per share, a 92% increase from the same period last year and well ahead of the Street consensus forecast of $1.79 per share. Group revenues, Pfizer said, surged 46.2% to a record $27.42 billion, a figure that came in well ahead analysts’ estimates of an $25.8 billion tally. Around $8.85 billion of Pfizer’s total revenue came from sales of its Comirnaty vaccine, while Paxlovid contributed $8.1 billion.

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