Pfizer Q4 2021 Earnings Report Recap

PFE beat on earnings, matched on revenue

Key Takeaways

  • Pfizer's earnings beat estimates, while revenue matched expectations.
  • The company's COVID-19 vaccine contributed $12.5 billion in global revenue, more than half of the company's total revenue for the quarter.
  • Pfizer expects that its COVID-19 vaccine and new oral antiviral treatment against the disease will rake in about $54 billion in combined revenue for FY 2022.
Pfizer Earnings Results
Metric Beat/Miss/Match Reported Value Analysts' Prediction
Adjusted EPS Beat $1.08 $0.85
Revenue Match $23.8B $23.8B

Source: Predictions based on analysts' consensus from Visible Alpha

Pfizer (PFE) Financial Results: Analysis

Pfizer Inc. (PFE) reported Q4 FY 2021 earnings that smashed analyst expectations. Adjusted earnings per share (EPS) rose 151.2% compared to the year-ago quarter, beating expectations by a wide margin. Pfizer's revenue expanded 104.9% year over year (YOY), matching analyst forecasts. Approximately 58% 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 down nearly 4% in pre-market trading. Over the past year, Pfizer's stock has provided a total return of 58.3%, well above the S&P 500's total return of 14.5%.

PFE COVID-19 Vaccine

Pfizer's revenue growth decelerated from the previous quarter's rapid pace, but it was still the second fastest pace of growth in at least 15 quarters. It was primarily driven by sales of two products related to COVID-19: Comirnaty, the company's vaccine against the disease; and Paxlovid, its new oral antiviral treatment against COVID-19. Comirnaty contributed $12.5 billion to the company's total revenue, while Paxlovid contributed $76 million. Excluding sales from Comirnaty and Paxlovid, Pfizer's revenue declined 2% operationally (operational revenue excludes the impact of foreign exchange rates). Pfizer said that the decline was primarily due to having fewer selling days compared to the year-ago quarter.

Paxlovid was given emergency use authorization (EUA) by the Food and Drug Administration (FDA) on Dec. 22, 2021. It is a prescription-only medication used for treating cases of COVID-19 in adults and pediatric patients at least 12 years of age or weighing at least 88 pounds. It is the first oral antiviral treatment of COVID-19 to receive EUA.

Pfizer, in collaboration with BioNTech, was also the first company to receive an EUA from the FDA for its vaccine. In August 2021, it also became the first company to gain full approval from the FDA for use of its vaccine in individuals 16 years of age or older. In October, the FDA authorized the Pfizer-BioNTech vaccine for emergency use by millions of children 5 through 11 years of age. Pfizer also recently submitted a request for EUA of its vaccine for use in children 6 months through 4 years of age. Last month, Pfizer initiated a clinical study of a vaccine candidate for healthy adults between the ages of 18 and 55 that would target the omicron variant of the coronavirus.

PFE Guidance

Pfizer announced earnings and revenue guidance for FY 2022. The company expects its annual revenue for the year to be between $98.0 billion and $102.0 billion. It estimates that its annual adjusted EPS will be in the range $6.35 to $6.55. These figures reflect an increase in the company's full-year FY 2022 revenue guidance for sales of Comirnaty of approximately $32 billion and initial guidance of approximately $22 billion in revenue from sales of Paxlovid.

Pfizer's next earnings report (for Q1 FY 2022) is expected to be released on May 2, 2022.

Article Sources
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  2. Pfizer Inc. "Pfizer Reports Fourth-Quarter and Full-Year 2021 Results." Accessed Feb. 8, 2022.

  3. TradingView. "Price Chart: PFE and S&P 500." Accessed Feb. 8, 2022.

  4. Food and Drug Administration. "Coronavirus (COVID-19) Update: FDA Authorizes First Oral Antiviral for Treatment of COVID-19." Accessed Feb. 8, 2022.

  5. Food and Drug Administration. "FDA Takes Key Action in Fight Against COVID-19 By Issuing Emergency Use Authorization for First COVID-19 Vaccine." Accessed Feb. 8, 2022.

  6. Food and Drug Administration. "FDA Approves First COVID-19 Vaccine." Accessed Feb. 8, 2022.

  7. Food and Drug Administration. "FDA Authorizes Pfizer-BioNTech COVID-19 Vaccine for Emergency Use in Children 5 through 11 Years of Age." Accessed Feb. 8, 2022.

  8. Food and Drug Administration. "Coronavirus (COVID-19) Update: FDA Advisory Committee Meeting to Discuss Request for Authorization of Pfizer-BioNTech COVID-19 Vaccine for Children 6 Months Through 4 Years of Age." Accessed Feb. 8, 2022.

  9. Yahoo! Finance. "Earnings Calendar: PFE." Accessed Feb. 8, 2022.

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