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Oct 03, 2021
Pfizer Q3 2021 Earnings Report
Pfizer's financial performance significantly increased due to the contribution of Comirnaty and strategic business execution.
Key Takeaways
Pfizer reported strong Q3 2021 results with revenues of $24.1 billion, a 134% increase compared to the prior-year quarter. The company raised its full-year 2021 guidance for revenues to a range of $81.0 to $82.0 billion and adjusted diluted EPS to a range of $4.13 to $4.18.
Third-quarter 2021 revenues reached $24.1 billion, reflecting 130% operational growth.
Reported diluted EPS for the third quarter was $1.42, with an adjusted diluted EPS of $1.34.
Full-year 2021 revenue guidance raised to $81.0 to $82.0 billion, and adjusted diluted EPS guidance raised to $4.13 to $4.18.
Comirnaty revenues are anticipated to be approximately $36 billion in 2021, with 2.3 billion doses expected to be delivered.
Pfizer
Pfizer
Forward Guidance
Pfizer is raising its 2021 total company guidance for revenues and Adjusted diluted EPS, reflecting updated expectations for Comirnaty and its business excluding Comirnaty.
Positive Outlook
- Revenues: $81.0 to $82.0 billion
- Adjusted Cost of Sales as a Percentage of Revenues: 39.1% to 39.6%
- Adjusted SI&A Expenses: $11.6 to $12.1 billion
- Adjusted R&D Expenses: $10.4 to $10.9 billion
- Adjusted Diluted EPS: $4.13 to $4.18
Challenges Ahead
- Does not assume the completion of any business development transactions not completed as of October 3, 2021, including any one-time upfront payments associated with such transactions.
- 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 or are anticipated to soon lose patent protection.
- Reflects no sales of Chantix in the fourth quarter of 2021 as a result of a pause in global shipments of the product due to the presence of N-nitroso-varenicline above an acceptable level of intake set by various global regulators.
- Guidance for Adjusted diluted EPS assumes diluted weighted-average shares outstanding of approximately 5.7 billion shares, which assumes no share repurchases in 2021.
- Exchange rates assumed are a blend of actual rates in effect through third-quarter 2021 and mid-October 2021 rates for the remainder of the year.