Pfizer Q3 2021 Earnings Report Recap

PFE beat on earnings and on revenue

Key Takeaways

  • Pfizer earnings and revenue growth both outpaced analyst predictions.
  • The company's COVID-19 vaccine contributed $13.0 billion in global revenue, more than half of the company's total revenue for the quarter.
  • Pfizer raised its full-year 2021 revenue and adjusted EPS guidance.
Pfizer Earnings Results
Metric Beat/Miss/Match Reported Value Analysts' Prediction
Adjusted Earnings Per Share Beat $1.34 $1.03
Revenue Beat $24.1B $21.9B

Source: Predictions based on analysts' consensus from Visible Alpha

Pfizer (PFE) Financial Results: Analysis

Pfizer Inc. (PFE) posted results for Q3 FY 2021 on the morning of Nov. 2, 2021, that crushed analyst predictions for both adjusted earnings per share (EPS) and revenue. Adjusted EPS rose 129% compared to the year-ago quarter, surpassing expectations by a wide margin. Pfizer's revenue expanded 134% year over year (YOY), also beating analyst forecasts. Approximately 61% of this revenue was from vaccine sales, including sales of the company's COVID-19 vaccine, developed with German-based BioNTech SE (BNTX).

Pfizer's shares were up more than 3% in pre-market trading. Over the past year, Pfizer stock has provided a total return of 32.2%, below the S&P 500's total return of 39.4%.

PFE COVID-19 Vaccine

Pfizer's revenue growth was the fastest pace of growth out of any quarter in at least the past three and a half years, primarily driven by sales of its COVID-19 vaccine, which is being marketed as Comirnaty. Excluding that vaccine, revenue grew 7% operationally (operational revenue excludes the impact of foreign exchange rates) to $11.1 billion. Comirnaty contributed $13.0 billion to Pfizer's top line.

Pfizer, in collaboration with BioNTech, was the first company to receive emergency use authorization (EUA) from the Food and Drug Administration (FDA) for its vaccine. The company received the EUA in December 2020. On Aug. 23, 2021, Pfizer also became the first company to gain full approval from the FDA for use of its vaccine in individuals 16 years of age and older.

More recently, on Oct. 29, the FDA authorized the Pfizer-BioNTech vaccine for emergency use by millions of children 5 through 11 years of age. Also, on Sept. 22, 2021, the FDA amended the EUA for the vaccine, approving it for use as a single booster dose administered at least six months after completion of the initial doses for the following individuals: those 65 years of age and older; those 18 through 64 years of age at high risk of severe COVID-19; and those 18 through 64 years of age who are frequently exposed to COVID-19 to the extent that it puts them at risk of suffering serious complications.

Pfizer said in prepared remarks for the third quarter that it continues to sign supply agreements for Comirnaty with governments around the world. It is currently on track to produce 3 billion doses of the vaccine this year. Thus far, the company has produced 2.6 billion doses and shipped 2 billion doses to 152 countries or territories.

PFE Guidance

Pfizer announced that it was raising its full-year 2021 guidance for revenue and adjusted EPS. It now expects to generate between $81.0 billion and $82.0 billion in revenue for FY 2021 and between $4.13 and $4.18 in adjusted EPS.

Pfizer's next earnings report (for Q4 FY 2021) is estimated to be released on Jan. 31, 2022.

Article Sources
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