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Pfizer on Tuesday reported second-quarter adjusted earnings that topped Wall Street’s expectations, but posted revenue that fell short of estimates due to a plunge in Covid product sales.
The company also said it is prepared to cut costs if Covid-related revenue continues to disappoint this year.
Here’s how Pfizer results compared with Wall Street expectations, based on a survey of analysts by Refinitiv:
Earnings per share: 67 cents per share adjusted, vs. 57 cents per share expected
Revenue: $12.73 billion, vs. $13.27 billion expected
Pfizer reported second-quarter sales of $12.73 billion, down 54% from the same period a year ago.
“The contraction in revenues was driven by the anticipated decline in Paxlovid and Comirnaty sales,” Pfizer CFO David Denton said during an earnings call on Tuesday.
The company’s Covid vaccine raked in $1.49 billion in sales, down 83% from the year-ago quarter. Pfizer’s Covid antiviral pill Paxlovid posted $143…
2023-08-01 11:11:16
Original from www.cnbc.com