Pfizer stock traded down Tuesday on a "pretty uneventful quarter" as revenue from its Covid products helped drive a fourth-quarter beat.
Though sales of Comirnaty and Paxlovid plummeted year over year, they beat expectations at $3.83 billion and $727 million, respectively. Comirnaty is the BioNTech-partnered Covid vaccine. Paxlovid is an oral antiviral that treats Covid.
The results demonstrate "that they have created a brand of trust with consumers who are willing to still use their vaccines and therapeutics even without heavy government subsidies," Brian Mulberry, client portfolio manager at Zacks Investment Management, said in an email to Investor's Business Daily. "It seems this may be turning into more of a seasonal boost though, not unlike flu season."
On today's stock market, Pfizer stock lost 1.3%, ending the regular session at 25.87.
Pfizer Stock: A 'Pretty Uneventful Quarter'
Across all products, sales jumped 21% to $17.76 billion. Excluding the contribution from Comirnaty and Paxlovid, sales rose a more moderate 11%. Pfizer also earned an adjusted 63 cents per share, rocketing from a year-earlier gain of 10 cents.
Both measures topped forecasts for $17.39 billion and 47 cents, respectively.
Daniel Barasa described the quarter as "pretty uneventful." Barasa, a portfolio manager at Gabelli Funds, says Pfizer will likely spend 2025 focusing on cost discipline and commercializing the cancer drugs it bought with Seagen.
"The performance of its Covid business seems to be stabilizing and the focus for 2025 continues to be cost discipline, having delivered on its $4B target in cost cuts in 2024, and an additional $500M in savings expected this year," he said in an email to Investor's Business Daily.
Guidance Reaffirmed
In addition to strong sales of its Covid products, Pfizer also reported better-than-expected revenue from blood thinner Eliquis, migraine drug Nurtec, heart disease treatment Vyndaqel and cancer drug Ibrance, Leerink Partners analyst David Risinger said in a report.
Risinger has a market perform rating on Pfizer stock.
For the year, Pfizer reaffirmed its guidance for adjusted profit of $2.80 to $3 per share and $61 billion to $64 billion in sales. The Street projected $2.91 earnings per share and $63.06 billion in sales.
