Pfizer Beats Analysts’ Estimates for Q1 Profits Thanks to Strong Demand for new products

Pfizer Stock Price Forecast

Pfizer Inc. News:

Pfizer Inc., one of the world’s largest pharmaceutical companies, has announced that it has beaten analysts’ estimates for first-quarter profits. The company’s strong performance was primarily attributed to the growing demand for its recently acquired products and pneumococcal vaccines, which offset the slump in sales of its COVID-19 products.

According to Pfizer’s financial report for the first quarter of 2023, the company earned $5.5 billion, or $0.97 per share, which was significantly higher than the $0.79 per share estimated by analysts. This represents a year-over-year increase of 39% from the same period in 2022, when Pfizer earned $3.9 billion, or $0.69 per share.

The revenue for the first quarter of 2023 was $17.2 billion, which was also higher than the estimated $16.6 billion. This increase was primarily driven by the sales of newer products, including Eliquis, a blood thinner, and Ibrance, a breast cancer drug, which generated $1.7 billion and $1.4 billion, respectively.

Pfizer’s pneumococcal vaccine, Prevnar 13, also contributed to the strong performance. The vaccine generated $1.3 billion in sales, which was a 9% increase from the same period in the previous year.

Despite the strong performance, Pfizer’s COVID-19 vaccine sales decreased to $3.5 billion, compared to $3.9 billion in the fourth quarter of 2022. This decline was primarily due to the increasing competition from other COVID-19 vaccines in the market and the shift in focus towards booster shots.

In a statement, Pfizer’s CEO, Albert Bourla, said, “I am proud of the strong start we’ve had in 2023, driven by our ability to execute on our strategy and deliver on our commitments to patients and shareholders. Our results this quarter demonstrate the strength and resilience of our portfolio and the progress we are making to drive sustainable growth.”

Pfizer’s strong performance in the first quarter of 2023 is expected to boost investor confidence in the company’s future prospects. The company has a robust pipeline of new drugs in development, including treatments for cancer and rare diseases, which could drive future growth.

Pfizer Inc Stock Forecast:

The average analyst target price for Pfizer Inc (PFE:NYE) is USD 48.87 over the next 12 months, with an average analyst rating of “Hold”. However, Stock Target Advisor‘s analysis is bullish based on 11 positive signals and 4 negative signals. The current stock price of Pfizer Inc is USD 39.21, which has decreased by -1.75% over the past week, -3.90% over the past month, and -20.09% over the past year.

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