Pfizer profit soars in first quarter, revises 2022 forecast

By TOM MURPHY
AP Health Writer

Sales of Pfizer’s COVID-19 vaccine and treatment pushed the drugmaker well past expectations in the first quarter, as profit grew 61%. The coronavirus vaccine Comirnaty brought in more than $13 billion in sales, and the treatment Paxlovid added another $1.5 billion as company revenue swelled 77%. Overall, Pfizer posted adjusted earnings of $1.62 per share in the first quarter, on $25.66 billion in revenue. FactSet says analysts expected, on average, first-quarter earnings of $1.49 per share on about $24.1 billion in sales. Pfizer also said it was lowering its 2022 earnings forecast to reflect an accounting policy change.