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Jul 03, 2022
Pfizer Q2 2022 Earnings Report
Reported strong financial results driven by Paxlovid and Comirnaty and raised full-year financial guidance.
Key Takeaways
Pfizer reported strong second-quarter results, with revenues of $27.7 billion and adjusted diluted EPS of $2.04, driven by strong contributions from Paxlovid and Comirnaty. The company raised its full-year financial guidance for revenues and adjusted diluted EPS.
Second-Quarter 2022 Revenues of $27.7 Billion, Reflecting 53% Operational Growth, Driven Primarily by Strong Contributions from Paxlovid and Comirnaty.
Second-Quarter 2022 Reported Diluted EPS of $1.73, Reflecting 77% Growth Over Second-Quarter 2021.
Second-Quarter 2022 Adjusted Diluted EPS of $2.04, Reflecting 92% Growth Over Second-Quarter 2021.
Raises Full-Year 2022 Financial Guidance for Revenues and Adjusted Diluted EPS by $2 Billion and $0.24, Respectively, on an Operational Basis
Revenue by Segment
Forward Guidance
Pfizer raised its 2022 financial guidance, on an operational basis, for revenues and Adjusted diluted EPS by approximately $2 billion and $0.24, respectively. After including the expected incremental unfavorable impacts of changes in foreign exchange rates since last quarter’s earnings report, the guidance range for revenues remains unchanged and the bottom end of the guidance range for Adjusted diluted EPS was increased by $0.05.
Positive Outlook
- Comirnaty revenues of approximately $32 billion, which reflects favorable operational updates compared to prior guidance, offset by unfavorable incremental impacts from foreign exchange.
- Paxlovid revenues of approximately $22 billion, which reflects favorable operational updates compared to prior guidance, offset by unfavorable incremental impacts from foreign exchange.
- Guidance for Adjusted SI&A expenses was decreased by $300 million compared to the previous guidance range, primarily reflecting lower expected selling expenses for certain products and geographies, as well as a decline in deferred compensation savings plan expenses, which are tied to market performance.
- The midpoint of the guidance range for Adjusted R&D expenses was increased by $250 million compared to the previous guidance, primarily as a result of planned incremental investments in mRNA vaccine programs outside of COVID-19 as well as various other projects.
- Guidance for the effective tax rate on Adjusted income was lowered by 0.5 percentage points compared to the previous guidance, reflecting favorability in the jurisdictional mix of earnings, settlements of global tax examinations and the expiration of local statutes of limitations, among other drivers.
Revenue & Expenses
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Avg. Return Before/After Earnings
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