Thanks to strong demand for its COVID-19 vaccine,
Pfizer Inc. (NYSE: PFE, Forum) reported this week that Q4 2021 sales more than doubled.
Full-Year 2021 revenues were
$81.3 billion (USD) an increase of $39.6 billion (USD), or 95%, compared to full-year 2020, reflecting operational growth of $38.4 billion (USD), or 92%.
The drugmaker said that more than half of its total sales, $13.9 billion (USD), came from its vaccines unit. However, PFE shares have been moving lower, as its $23.8 billion (USD) revenue missed Wall Street’s expectations of $24.1 billion (USD). Pfizer shares moved 3% lower after announcing the news and was down 1.1% in early trading on Wednesday.
Where the company topped analysts’ forecasts, was its net income of $3.4 billion (USD). Pfizer noted that it expects $32 billion (USD) in sales this year from Comirnaty, the COVID vaccine. Even so, this also came in below Wall Street’s expectations of nearly $34 billion (USD). The company's overall sales and profit guidance for 2022 had even missed estimates.
Pfizer’s Chairman and Chief Executive Officer, Dr. Albert Bourla noted in the news that in the early days of the COVID-19 pandemic, the company used all of its resources and expertise to help protect populations globally against this deadly virus, as well as to offer treatments to help avoid the worst outcomes when infections do occur.
“We put billions of dollars of capital on the line in pursuit of those goals, not knowing whether those investments would ever pay off. Now, less than two years since we made that commitment, we are proud to say that we have delivered both the first FDA-authorized vaccine against COVID-19 (with our partner, BioNTech) and the first FDA-authorized oral treatment for COVID-19.”
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