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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
Pfizer
Pfizer
Pfizer Revenue by Segment
Revenue by Segment
Biopharma Revenue
CapyFin.comPfizer CentreOne Revenue
CapyFin.com 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.
Challenges Ahead
- Financial guidance reflects the anticipated unfavorable impact of approximately $5.0 billion on revenues and approximately $0.31 on Adjusted diluted EPS as a result of changes in foreign exchange rates relative to the U.S. dollar compared to foreign exchange rates from 2021.
- Reflects an anticipated negative revenue impact of $0.6 billion due to recent and expected generic and biosimilar competition for certain products that have recently lost patent protection or that are anticipated to lose patent protection during fiscal-year 2022.
- The expected increase in weighted average shares outstanding compared to 2021 of approximately 50 million shares has an unfavorable impact on 2022 Adjusted diluted EPS of $0.03 at the midpoint of the guidance range.
- Adjusted Cost of Sales as a Percentage of Revenues 32.0% to 34.0%
- Adjusted SI&A Expenses $12.2 to $13.2 billion
Revenue & Expenses
Visualization of income flow from segment revenue to net income