Better-than-expected quarterly earnings for Pfizer

One of the largest American drug makers, Pfizer, beat estimates in first quarter of 2021

Compared with the 77 cents earnings-per-share expected by Wall Street, Pfizer reported an adjusted EPS of 93 cents. The revenue figures came in at $14.58 billion, topping the $13.51 billion consensus. In Q1, Pfizer reported sales of $3.5 billion for its COVID-19 vaccine developed alongside BioNTech.

Moreover, Pfizer revealed that by the end of May wants to apply for full US approval of its vaccine. If approval it is granted, Pfizer will be able to sell its vaccine directly to consumers. Additionally, the Food and Drug Administration is set to authorize the vaccine for use in adolescents aged 12-15. In September in November, Pfizer will file for authorization for its vaccine for use in toddlers, younger children, and infants, respectively.

The company raised its full-year sales forecast to $26 billion, from an initial $15 billion. Moreover, by the end of July, Pfizer’s goal is to deliver 300 million doses.

Following the news, Pfizer stock price gained 1.4%.

Sources: cnbc.com, investing.com