Shares of Pfizer Inc.
were down 0.6% in premarket trading on Wednesday after the company clocked another nearly $8 billion in revenue for the COVID-19 vaccine it developed with BioNTech SE
Pfizer now expects that the vaccine will generate $33.5 billion in revenue this year. The company had earnings of $5.56 billion, or 98 cents per share, in the second quarter of 2021, compared to $3.49 billion, or 62 cents per share, in the same quarter a year ago. Adjusted EPS was $1.07, against a FactSet consensus of 97 cents. Pfizer’s revenue jumped to $18.97 billion for the quarter, compared with the $9.86 billion in revenue generated in the second quarter of 2020. This is primarily driven by two factors: a better year-over-year performance compared to the second quarter of 2020, which saw much of the Western world in pandemic lockdown, and $7.8 billion in revenue from the COVID-19 vaccine. The FactSet consensus for Pfizer’s revenue was $18.70 billion. Pfizer updated its guidance to say it now expects $45.0 billion to $47.0 billion in revenue for 2021, compared to past guidance that called for $44.6 billion to $46.6 billion in revenue. It also said it now expects full-year EPS of $3.95 to $4.05. Pfizer’s stock is up 14.3% so far this year, while the broader S&P 500
has gained 17.2%.