Pfizer PFE earnings Q1 2021

A woman holds a small bottle that says “Coronavirus COVID-19 Vaccine” and a medical syringe in front of the Pfizer logo displayed in this October 30, 2020 image.

Given Ruvic | Reuters

Pfizer said Tuesday it was planning to apply to German drug maker BioNTech for full U.S. approval of its Covid-19 vaccine later this month. If the FDA signs out, the company can market the shot directly to consumers.

When it released its first quarter financial results, the company reported first quarter sales of $ 3.5 billion for its Covid-19 vaccine, generating profits and revenues that exceeded Wall Street expectations.

According to Refinitiv’s average estimates, Pfizer has outperformed Wall Street expectations as follows:

  • Adjusted EPS: 93 cents per share compared to 77 cents expected
  • Revenue: $ 14.58 billion versus $ 13.51 billion expected

The company now expects full year sales of the vaccine to be $ 26 billion, compared to its previous guidance of about $ 15 billion.

Pfizer shares rose 1.4% after the news.

Pfizer’s oncology, internal medicine, hospital and rare disease revenues grew double-digit for the quarter, according to earnings report. The company’s inflammation and immunology division had sales of approximately $ 1 billion, up 9% year over year.

The company received US approval for its Covid vaccine in late December. Since then, the company has distributed millions of cans in the U.S. with a goal of dispensing 300 million cans by the end of July.

It usually takes the Food and Drug Administration nearly a year or more to determine whether a drug is safe and effective for the general public. Due to the one-time pandemic that killed nearly 600,000 Americans, the FDA allowed the gunshots to be used under an Emergency Use Authorization (EUA).

An EEA grants conditional approval based on data for two months. It’s not the same as a biological license application or BLA that takes six months of data and ensures full approval.

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