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Pfizer lifts fiscal 2021 outlook on updated Covid vaccine hopes

Drug major Pfizer raised its outlook for fiscal 2021 earnings and revenues on Wednesday following strong second quarter results that exceeded market estimates.

Drug major Pfizer raised its outlook for fiscal 2021 earnings and revenues on Wednesday following strong second quarter results that exceeded market estimates.

According to the company, the upward revision in full-year outlook, for the second quarter in a row, reflects its updated expectations for contributions to 2021 performance from both BNT162b2, the Pfizer-BioNTech SE Covid-19 vaccine, as well as its business excluding BNT162b2.

The company now anticipates 2021 revenues of around 33.5 billion dollars for BNT162b2, reflecting 2.1 billion doses expected to be delivered in 2021 under its signed contracts as of mid-July 2021. This is higher than previously expected revenues of approximately 26 billion dollars.

Based on current projections, Pfizer and BioNTech expect to manufacture up to 3 billion doses in total by the end of December. This is subject to continuous process improvements, expansion at current facilities and adding new suppliers and contract manufacturers.

Albert Bourla, Pfizer chairperson and chief executive officer, said: “Looking forward, we remain highly confident in our ability to achieve at least a 6-per-cent compound annual growth rate through 2025.”

For the year, the company now expects adjusted earnings per share to be in a range of 3.95 to 4.05 dollars, higher than the previously expected 3.55 to 3.65 dollars. Revenues for the year are now expected to be in a range of 78 to 80 billion dollars, up from previously expected 70.5 to 72.5 billion dollars.

On average, analysts polled by Thomson Reuters expect earnings of 3.70 dollars per share on revenues of 72.78 billion dollars. Analysts’ estimates typically exclude special items.

According to the company, the midpoint of the guidance range for revenues represents 89-per-cent growth from 2020 revenues, and for adjusted earnings per share reflects a 77-per-cent increase. Excluding contributions from BNT162b2, adjusted earnings per share is now expected to be 2.55 to 2.65 dollars, up from previously expected 2.50 to 2.60 dollars, and revenues are now expected to be 45 to 47 billion dollars, higher than earlier estimated 44.6 to 46.6 billion dollars.

The midpoint of the revenue guidance range reflects approximately 7-per-cent operational growth, while its around 11-per-cent operational growth for adjusted earnings.For the second quarter, net income climbed 59 per cent to 5.56 billion dollars or 0.98 dollars per share from 3.49 billion dollars or 0.62 dollars per share last year.

Adjusted net income was 6.08 billion dollars or 1.07 dollars per share, compared to 3.47 billion dollars or 0.62 dollars per share a year ago. The company’s revenue for the quarter rose 92.5 per cent to 18.98 billion dollars from 9.86 billion dollars last year.

Analysts projected earnings of 0.96 dollars per share on revenues of 18.45 billion dollars. Operational revenue growth was 86 per cent. BNT162b2 contributed 7.8 billion dollars in direct sales and alliance revenues.

Excluding BNT162b2, revenues grew 10 per cent operationally to 11.1 billion dollars. Except for the inflammation and immunology segment, all businesses recorded good revenue growth. In pre-market, Pfizer shares were trading at 42 dollars, down 0.24 per cent.

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