At the same time, the company reported a 47% increase in revenue to $27.8 billion in its results compared to $18.9 billion last year.
Reported Diluted EPS increased 77% to $1.73 versus $0.98 per share last year.
Adjusted Income increased 94% to $11.65 billion versus $6 billion a year earlier.
Driven mainly by Cominarty and Paxlovid
The two best-selling products at Pfizer, Comirnaty and Paxlovide, were mainly responsible for such a sharp increase in profits. Together, they brought in sales of $16.96 billion. The importance of these 2 drugs to the company is evident from the fact that they accounted for 61% of total sales.
The question is how sustainable these results are going forward. The company is not very diversified in this regard and much of its results are dependent on the development of Covid-19. Although the company is working on an updated booster dose of the vaccine with BioNTech. However, analysts expect a decline in demand in 2023.
In terms of individual segments, Pfizer’s vaccines division saw the best growth. Revenues rose 13% to $10.46 billion. The smaller orphan division’s sales rose 2%, while cancer therapies and inflammation/immunology drugs saw declines.
Pfizer reaffirmed revenue guidance of $98 billion to $102 billion, which includes $32 billion from the Covid vaccine and $22 billion from Paxlovide. However, the outlook fell short of expectations for $102.32 billion in revenue.