Pfizer Q2 Net Income Rose 78%, 2022 Guidance Upgraded

Bluechip biotech Pfizer Inc. (PFE) reported on Thursday July 28, that its Q2 revenue annually soared by 46% to record $27.74 billion for the quarter, with net income surging 78% to $9.9 billion or diluted earnings per share of $1.73. Q2 Non-GAAP EPS of $2.04 beat estimates by $0.26. The company also posted 53% operational growth, driven primarily by strong contributions from Paxlovid and Comirnaty.

Pfizer has a pipeline with more than 90 drugs in development. It has always been successful in bringing countless revolutionary drugs to the global pharmaceutical market, such as Viagra or Lyrica, while also developing Lipitor, a prescription for the treatment of hypercholesterolemia, which has achieved $125 billion in sales in slightly over 14 years. Pfizer raised its FY 2022 financial guidance for revenues and earnings per share, while reaffirming sales outlook for its Covid-19 vaccine Comirnaty and treatment Paxlovid. "In the second quarter, we recorded the largest amount of quarterly sales in our history," CEO Albert Bourla noted.

Pfizer upgraded its FY2022 financial guidance for revenues and adjusted diluted EPS by $2 Billion and $0.24, respectively, on an operational basis. Including Foreign Exchange Impacts, Pfizer Reaffirms Revenue Guidance of $98.0 to $102.0 Billion vs. $103.62B consensus expectations and raised the bottom line of adjusted diluted EPS guidance by $0.05 to a range of $6.30 to $6.45 (from prior outlook of $6.25-$6.45 vs. $6.67 consensus).

Covid-19 vaccines & treatments maker's stock initially grew over 2% in the morning trades on the day following the earnings announcement, however, later on plunged by over 3% on poor macroeconomic stats. At P/E of around 10X PFE looks as strong as hardly ever looked before despite recessionary talks gaining momentum.