Pfizer Q4 Adj. Profit Rises; Projects 47% Operational Growth In FY22 Adj. EPS

Pfizer Inc. (PFE) said, in 2021, the company exceeded its goal of manufacturing 3 billion doses of Comirnaty, the Pfizer-BioNTech COVID-19 vaccine. Looking forward, the company increased its 2022 revenue guidance for Comirnaty, reflecting doses expected to be delivered under supply contracts signed as of late-January. Also, the company issued fiscal guidance for the coming year which, if achieved, would represent the highest level of annual revenues and adjusted EPS in its history.

Pfizer also issued its long-term expectations for COVID-19. The company said the virus is able to mutate often, making it difficult to stay ahead of it. People can become reinfected by the same or different strains over time, the company noted.

“Our scientists continue to monitor the SARS-CoV-2 virus and believe it is unlikely to be fully eradicated in the foreseeable future,” Pfizer stated.

Fourth-quarter adjusted profit per share was $1.08 compared to $0.43, prior year. Adjusted income was $6.24 billion compared to $2.43 billion.

Net profit was $3.39 billion or $0.59 per share compared to $847 million or $0.15 per share, prior year.

Fourth-quarter revenues were $23.8 billion, an increase of 105% from a year ago, reflecting operational growth of 106%, as well as an unfavorable impact of foreign exchange of 1%. Comirnaty contributed $12.5 billion in direct sales and alliance revenues during the quarter. Excluding Contributions from Comirnaty and Paxlovid, revenues declined 2% operationally driven primarily by the impact of fewer selling days.

Full-year 2021 adjusted earnings per share was $4.42, an increase of 96%. Revenues were $81.3 billion, reflecting 92% operational growth. Excluding contributions from Comirnaty and Paxlovid, revenues grew 6% operationally to $44.4 billion.

For fiscal 2022, the company expects adjusted earnings per share in a range of $6.35 to $6.55, and revenues in a range of $98.0 to $102.0 billion. The company said the midpoint of the guidance range for adjusted EPS reflects a 46% increase over 2021 actual results, including an expected $0.06, or 1%, unfavorable impact from changes in foreign exchange rates. Also, the company noted that the midpoint of the guidance range for revenues represents 23% growth from 2021 revenues, including an expected $1.1 billion, or 1%, unfavorable impact from changes in foreign exchange rates. The guidance for 2022 revenues includes: an anticipated $32 billion of revenue for Comirnaty; and an anticipated $22 billion of revenue for Paxlovid.

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