Pfizer ups expectations for the year

AP – Pfizer is raising its revenue expectations for the year with a huge roll out of its COVID-19 vaccine as well as strong performances from other parts of its business.

The company reported first-quarter earnings of USD4.88 billion, or 86 cents per share. Per-share earnings were 93 cents if one-time costs or gains are removed. That far above the 79 cents Wall Street was looking for, according to a survey by Zacks Investment Research.

Revenue was USD14.58 billion, also easily exceeding forecasts of USD13.49 billion from industry analysts. Pfizer expects full-year earnings in the range of USD3.55 to USD3.65 per share, with revenue in the range of USD70.5 billion to USD72.5 billion.

A laboratory worker simulates the workflow in a cleanroom of the BioNTech Corona vaccine production in Marburg, Germany, during a media day. PHOTO: AP