Pfizer beat first-quarter results estimates and raised its guidance for 2021 with a substantial sales contribution from its COVID-19 vaccine.
The US biopharmaceutical giant reported a 47% jump in adjusted diluted earnings per share to $0.93.
First-quarter revenue surged by roughly 45% year on year to $14.6bn, buoyed by sales of the coronavirus vaccine BNT162b2, which it developed in partnership with German biotech firm BioNTech. Pfizer said revenue from its vaccine business surged from $1.6bn to $ 4.9bn.
“Even excluding the growth provided from BNT162b2, our revenues grew 8% operationally, which aligns with our stated goal of delivering at least a 6% compound annual growth rate through 2025," said chairman and CEO Albert Bourla.
"In addition, we have achieved important clinical, regulatory and commercial milestones across our pipeline and portfolio while also continuing to increase our capacity to supply urgently-needed doses of BNT162b2 to the world.”
Along with stellar performance from its vaccine business, Pfizer also reported double-digit revenue growth from its oncology, internal medicine, hospital and rare diseases segments.
“Multiple innovative and biosimilar products across our portfolio delivered growth, demonstrating the strength of our business and the depth and breadth of our growth drivers,” commented chief financial officer Frank D’Amelio.
It marks the first quarterly results since Pfizer completed the spin-off of its Upjohn generics business.
Pfizer raised its revenue guidance for 2021 to $70.5-$72.5bn versus its previous $59.4-$61.4bn estimate, with most of the increase due to higher than expected sales from its coronavirus vaccine.
Additional supply agreements saw Pfizer raise its 2021 revenue projection for BNT162b2 to $26bn from its prior forecast of $15bn.
The company increased its estimate of total R&D spend in 2021 to $9.8-$10.3bn from $9.2-$9.7bn owing to additional R&D investments into COVID-19 vaccines, together with early research investments into other mRNA-based development programmes and COVID antivirals.