Pfizer 1Q Profit Rises as Covid-19 Vaccine Fuels Higher Revenue

By Matt Grossman

Pfizer Inc. on Tuesday logged larger first-quarter revenue and profit figures, growth driven in part by a $3.5 billion sales contribution from the company's Covid-19 vaccine.

The New York-based pharmaceutical company reported earnings of 86 cents a share, up from 60 cents a share a year earlier. Its total net income climbed to $4.88 billion, from $3.36 billion.

Stripping out one-time items, Pfizer's adjusted profit was 93 cents a share. Analysts surveyed by FactSet had forecast an adjusted profit of 77 cents a share.

Pfizer's revenue improved to $14.58 billion from $10.08 billion, it said. Analysts had expected revenue of $13.54 billion.

The Covid-19 vaccine Pfizer developed with BioNTech SE lifted Pfizer's total first-quarter vaccine revenue to $4.89 billion. Revenue from the oncology, internal-medicine, hospital and rare-diseases segments also all grew by double-digit percentages, while inflammation and immunology sales rose by 9%, Pfizer said.

Pfizer drugs including Eliquis, Vyndaqel, Xeljanz, Xtandi and Inlyta all enjoyed higher sales in the quarter, while sales declined for Prevnar, Ibrance and Chantix, it said.

The company also benefited from a calendar shift that added more selling days to the first quarter compared with 2020, Pfizer said.

Write to Matt Grossman at [e-mail]

(END) Dow Jones Newswires

May 04, 2021 07:21 ET (11:21 GMT)

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