Pfizer revenue and profits soar on its Covid vaccine business

The company reported adjusted earnings of $7.7 billion, up 133% from a year earlier. Revenue soared to $24.1 billion, up 134%. Both easily cleared results forecast by analysts.

The vaccine business alone was responsible for more than 60% of the company’s sales, as vaccine revenue rose to $14.6 billion from only $1.7 billion a year earlier. Revenue outside of its vaccine business was up a far more modest 11%.

The company said it now expects full-year revenue of between $81 billion to $82 billion, up $2 billion from its earlier guidance. It also raised its earnings per share outlook by about 3% to 5% above what it had been expected to earn.

The US Food and Drug Administration on Friday granted emergency use authorization for the Covid-19 vaccine from Pfizer for children ages 5 to 11. Pfizer says a clinical trial showed its vaccine provides more than 90% protection against symptomatic disease among children, even at one-third the dose,
Shares of Pfizer (PFE) were up 3% in premarket trading on the results.

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