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July 29, 2022

Pfizer reports 53% operational growth in Q2 2022 revenues

In Q2 2022, the reported diluted EPS stood at $1.73 as against $0.98 in the year-ago quarter, indicating a 77% rise.

Pfizer has reported a 53% operational growth in revenues to $27.7bn in the second quarter (Q2) of 2022 compared to $18.9bn in the same quarter last year.

The rise in revenues was chiefly driven by robust contributions from Covid-19 therapies Paxlovid and Comirnaty.

On an operational basis, the revenues rose by $128m or 1%, excluding Paxlovid and Comirnaty’s contributions.

Paxlovid alone delivered global sales of $8.1bn, the company noted.

In Q2 2022, Paxlovid, Comirnaty, Eliquis, Prevnar family (Prevnar 13 & 20) in the US and Vyndaqel/Vyndamax were the key drivers in operational growth. 

This growth was partially offset mainly by reduced revenues for Chantix, Xeljanz and Sutent.

For the quarter, the reported diluted earnings per share (EPS) stood at $1.73 as against $0.98 in the year-ago quarter, indicating a 77% rise.

A 92% growth in adjusted diluted EPS to $2.04 was reported in the second quarter of this year compared to $1.06 in the prior-year quarter.

Pfizer chief financial officer and executive vice-president David Denton said: “I am very pleased with the performance of our business this quarter, with strong operational revenue and earnings growth driven by multiple therapeutic areas across the company and our Covid-19 franchises continuing to serve patients in need while also propelling us to an all-time high in quarterly sales. 

“We continue to prioritise high-value uses for our capital, with an emphasis on reinvesting in our business by funding both internally and externally developed science and innovation while also continuing to grow our dividend and buy back shares, when appropriate, to help offset dilution.”

Furthermore, the company has revised the financial guidance for this year, on an operational basis, for revenues and adjusted diluted EPS by nearly $2bn and $0.24, respectively. 

Despite unfavourable impacts from foreign exchange, the company also reaffirmed 2022 revenue guidance for Comirnaty and Paxlovid of nearly $32bn and $22bn, respectively.

In May, Pfizer reported an 82% operational growth in revenues to $25.7bn in Q1 2022 from $14.5bn in Q1 2021.

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