Pfizer 3Q results beat Wall Street estimates

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The U.S. drugmaker Pfizer (NYSE: PFE) handily beat Wall Street estimates on revenue and earnings per share in its third-quarter report Tuesday and the company also raised its 2022 earnings guidance. The upbeat Q3 results are supported by the continuing demand for its Covid vaccine and antiviral therapy. The vaccine maker reported third-quarter revenue of $22.6 billion and earnings per share of 1.78 cents.

Pfizer raised full-year estimates for sales of its Covid-19 vaccine by $2 billion to $34 billion and reaffirmed its forecast for $22 billion in sales of the antiviral Paxlovid. One-third of the company’s revenue came from the antiviral pill Paxlovid, which is given in a five-day course to patients quickly after the onset of COVID-19 symptoms.

On the other hand, Pfizer announced the company’s maternal RSV vaccine, a maternal vaccine given to pregnant people would pass on antibodies to babies before delivery, protecting infants from developing severe symptoms during the first six months after birth.

“With regard to our Covid-19 products, while their sales may fall from our expected 2022 levels, we believe our Covid-19 franchises will remain multibillion-dollar revenue generators for the foreseeable future, which should serve as a buffer for any unforeseen challenges with other products in our portfolio.” – Pfizer CEO Albert Bourla said.
$PFE technical outlook
Pfizer shares rose more than 3% after the earnings announcement on Tuesday but the stock is down almost 20% this year. In the short term, if the stock breaks above $50, then the next short-term resistance is located in the area of 52, a break above $52 will confirm a possible move to $53.70 and $56. On the downside, the first nearest support level is located at $46.50. In case it breaks below this level, it will head towards the next support level which is located at nearly $45 then $43.50.

Read the detailed report here - https://gulfbrokers.com/en/pfizer-3q-results-beat-wall-street-estimates
 
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