Pfizer Inc. (PFE) Delivered Strong Q1 Results

Pfizer Inc. (NYSE:PFE) history dates back to 1849 when two cousins named Charles Pfizer and Charles Erhart founded the company in Brooklyn, NY. Pfizer initially focused on the chemicals business. However, it diversified and expanded over the years and evolved into a leading pharmaceutical company. It currently develops and markets more than 200 drugs in the U.S. Its drug portfolio includes some of the famous names such as antidepressant Zoloft, antianxiety drug Xanax, and erectile-dysfunction drug Viagra.

The New York-based pharmaceutical giant recently announced strong financial results for the first quarter. Pfizer reported earnings of $4.88 billion, or 86 cents per share for the quarter, as compared to $3.36 billion, or 60 cents per share in the comparable period of 2020. Excluding items, the company reported adjusted earnings of 93 cents per share that easily surpassed the consensus forecast of 77 cents per share.

Revenue climbed 45 percent on a year-over-year basis to $14.58 billion, easily beating analysts’ average estimate of $13.54 billion. The company’s Covid-19 vaccine BNT162b2 generated revenue of $3.5 billion in the quarter.

CEO Frank D’Amelio expressed his satisfaction over the results. He said in a statement, “I am very happy with the performance of all of our therapeutic areas this quarter. Multiple innovative and biosimilar products across our portfolio delivered growth, demonstrating the strength of our business and the depth and breadth of our growth drivers. I am also pleased with our recent announcement that we will maintain our dividend for second-quarter 2021 at the current level, even after Viatris begins paying its dividend. This will make 2021 the 12th year in a row with a dividend increase. I remain confident in Pfizer’s ability to continue to deliver on our commitments to our patients and shareholders in 2021 and beyond.”

Pfizer also raised its financial outlook for fiscal 2021. It now expects adjusted profit in the range of $3.55 per to $3.65 per share, as compared to its earlier forecast of $3.10 per share to $3.20 per share for the full year. Revenue is expected to come between $70.5 billion to $72.5 billion, versus the previous projection of $59.4 billion to $61.4 billion.