Pfizer beats earnings expectations and lifts guidance, as COVID-19 revenue outlook increases 73%

Shares of Pfizer Inc. jumped 1.6% toward a near five-month high in premarket trading Tuesday, after the drug giant beat earnings expectations and raised its full-year outlook, as revenue expectations for its COVID-19 vaccine jumped 73%. Net income rose to $4.88 billion, or 86 cents a share, from $3.36 billion, or 60 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to 93 cents from 63 cents, and beat the FactSet consensus of 77 cents. Revenue grew 45% to $14.58 billion, above the FactSet consensus of $13.54 billion. Vaccine revenue tripled, to $4.89 billion from $1.61 billion, while oncology revenue rose 18% to $2.86 billion and internal medicine revenue grew 11% to $2.59 billion. For 2021, the company raised its guidance ranges for adjusted EPS to $3.55 to $3.65 from $3.10 to $3.20 and for revenue to $70.5 billion to $72.5 billion from $59.4 billion to $61.4 billion, as revenue expectations for the COVID-19 vaccine (BNT162b2) increased to $26 billion from $15 billion. The revenue projection for BNT162b2 includes guidance for 1.6 billion doses expected to be delivered this year. The stock, which is on track to open at the highest prices seen since mid-December, has gained 8.2% year to date through Monday, while the S&P 500 has advanced 11.6%.

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