US pharmaceutical giant Pfizer announced its third quarter financial results on the 29th, with sales exceeding market expectations. Photo taken in February 2022 (2024 Reuters/Jennifer Lorenzini)
Total sales were $17.7 billion. The market estimate was $14.96 billion.
Paxlobide sales totaled $2.7 billion, far exceeding the $456.4 million expected by analysts. This was due to the increase in coronavirus infection rates in the quarter.
The sale of the new coronavirus vaccine “Cominati” developed by Pfizer and BioNTech in Germany was $1.42 billion. Estimates compiled by LSEG totaled $870 million.
After the third quarter results, the company raised its annual sales forecast for Paxlobid and Cominati from $8.5 billion to $10.5 billion.
Full-year earnings per share will be between $2.75 and $2.95, increasing both the floor and ceiling by $0.30.
During a conference call, CEO Albert Bourla made his first public comment on management criticism by activist hedge fund Starboard Value, calling for cost cuts and executive leadership.
“While we agree with (Starboard’s) view that we need to improve total shareholder returns, the statement that we spent money on business development is completely different from our understanding,” said he said in an interview, “I think it’s transformative. ” he said.
Starboard has expressed skepticism about Pfizer’s ability to deliver profitable new drugs through research and development and acquisitions, and has argued that management should take responsibility for the company’s underperformance.
The stock ended the day trading 1.4% lower.
Dave Wagner, a portfolio manager at Aptus Capital Advisors, which owns Pfizer stock, said he hopes the company will reduce its product range and further cut costs, including across the chain. supply them.
“There is still a lot of work to be done, so I don’t think Starboard’s weight will decrease at all.
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2024-10-29 23:25:00
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