Pfizer’s Q3 Earnings Soar on Strong Paxlovid Sales and COVID-19 Demand

Pfizer Inc. reported a significant boost in its third-quarter earnings, largely driven by the strong demand for its COVID-19 treatment, Paxlovid. The company announced $2.7 billion in revenue from Paxlovid, a substantial increase attributed to the recent surge in COVID-19 cases and a one-time contractual delivery of one million treatment courses to the U.S. Strategic National Stockpile.

The pharmaceutical giant’s total revenue for the quarter reached $17.7 billion, a 31% increase year-over-year, exceeding analyst expectations of $14.92 billion. Adjusted earnings per share were $1.06, surpassing the anticipated $0.61 per share. This performance was also bolstered by growth in other medications, including Comirnaty, the COVID-19 vaccine, which saw a 9% increase in sales to $1.4 billion.

In addition to Paxlovid and Comirnaty, Pfizer reported strong sales from other key products. The Vyndaqel family of drugs generated $1.45 billion in sales, up 62%, and Eliquis, a blood thinner, saw sales of $1.62 billion, an 8% increase. The company also generated $854 million from products linked to Seagen, which it acquired in December 2023.

Pfizer updated its 2024 revenue forecast to $61 billion-$64 billion, up from the previous guidance of $59.5 billion-$62.5 billion. The company anticipates $10 billion in combined revenues from Comirnaty and Paxlovid, with adjusted EPS expected to be between $2.75 and $2.95 for the full year.

The company’s success, however, has been scrutinized by activist investor Starboard Value, which has raised concerns about the returns on Pfizer’s recent acquisitions. Despite this, Pfizer’s stock rose during early trading sessions following the earnings announcement.

A recent study published in *Scientific Reports* further highlighted the efficacy of Paxlovid, showing a 61% reduction in COVID-19 hospitalizations and a 58% lower risk of long COVID among patients treated with the medication.