Pfizer Results: Strong Performance and A Commitment to Be A Force for GoodMay 3, 2022
Pfizer’s first quarter 2022 results reflected both its continued strong financial performance and focused commitment to be a force for good in the world. The company reported revenues of $25.7 billion in the first quarter of 2022, reflecting 82 percent operational growth, and reaffirmed its revenue guidance for the full year.
Several therapeutic areas, including vaccines, hospital and rare disease, achieved double-digit revenue growth for the quarter. The company also achieved important clinical, regulatory and commercial milestones.
Pfizer also maintained its leadership in the fight against the COVID-19 pandemic through supply of its breakthrough COVID-19 products around the globe. To date, nearly 3.4 billion doses of its COVID-19 vaccine have been shipped to 179 countries. Pfizer remains on track to meet its commitment of delivering 2 doses of the vaccine to low- and middle-income countries in 2021 and 2022, having billion delivered the first billion by the end of 2021.
The company is also delivering on its production commitments for its oral COVID-19 treatment and will have the capacity to manufacture up to 120 million treatment courses by the end of 2022, subject to global demand. Consistent with its steadfast commitment to support equitable access and pricing, the company made the decision that for as long as the pandemic lasts, Pfizer will not profit from sales of our COVID-19 treatment to the world’s poorest countries.
“We will continue to do all we can to support the health of all people, which is in line with our purpose: Breakthroughs that change patients’ lives,” said Pfizer Chairman and CEO Dr. Albert Bourla.
For more detail, read our earnings release.
In the first quarter of 2022, Pfizer returned $4.2 billion directly to shareholders through a combination of dividends and stock buybacks.
The company continued its streak of 333 consecutive quarterly dividends and 12 years of increases by returning $2.2 billion directly to shareholders for the first-quarter cash dividend.
Pfizer also repurchased 39.1 million shares on the open market, at an average cost of $51.10 per share, for a total of $2.0 billion. It was the first time since 2019 that the company had made share repurchases on the open market.
A Partner of Choice
Pfizer is leveraging business development opportunities to advance its business strategies and objectives while building relationships within the growing biotech ecosystem.
In March, the company successfully closed the acquisition of Arena Pharmaceuticals, adding a strong clinical pipeline of investigational therapies for immuno-inflammatory diseases to Pfizer’s innovative portfolio. This includes etrasimod, a potential best-in-class therapy in clinical development for ulcerative colitis, Crohn’s disease, atopic dermatitis, eosinophilic esophagitis and alopecia areata.
Pfizer is also executing on its commitment and expertise in fighting infectious diseases having announced its proposed acquisition of ReViral Ltd., a biopharmaceutical company that is developing antiviral therapeutics that target respiratory syncytial virus (RSV). ReViral’s portfolio of potentially transformative therapeutic candidates includes sisunatovir, an oral candidate for treatment of RSV. The transaction remains subject to customary closing conditions.
Once closed, the acquisition will complement Pfizer’s expertise around RSV, including its RSVpreF vaccine program, which received Breakthrough Therapy Designations in March from the U.S. FDA for its maternal and adult programs. Phase 3 readouts for the vaccine programs are expected in the second half of 2022. There are currently no approved treatments or vaccines for RSV, which globally causes an estimated 64 million infections a year and leads to 3 million hospitalizations.
In addition to investing in its internal pipeline, the company continues to target acquisitions of late-stage assets that have the potential to drive value for patients and shareholders and develop partnerships that help support medical breakthroughs across all stages of development.
“We will continue to thoughtfully deploy our capital in a variety of shareholder-friendly ways with the goal of maximizing the value we provide to all of our stakeholders, including patients and shareholders,” Pfizer’s Chief Financial Officer Frank D’Amelio said.
Please see below for earnings highlights and visit Pfizer’s Investor’s site for more information.