Pfizer (PFE) said Tuesday it expects BioNTech (BNTX)-partnered Covid vaccine Comirnaty to generate $36 billion in full-year sales — leading Pfizer stock to overtake its 50-day line.
XThe company also preliminary guided to $29 billion in Comirnaty sales for 2022, based on contracts it has already signed, Evercore ISI analyst Umer Raffat said in a report to clients. Analysts expected $22 billion.
"This 2022 number is more than doable," Raffat said. "And this is as of contracts signed in mid-October — meaning it could go higher."
On today's stock market, Pfizer stock jumped 4.2% to 45.45. That put shares at their highest point since mid-September. And for the first time in nearly two months, Pfizer stock overtook its 50-day moving average, according to MarketSmith.com.
Pfizer Stock: Covid Growth Spree
During the third quarter, Pfizer earned $1.34 per share, minus some items, on $24.09 billion in sales. Overall, earnings soared 129% and sales rocketed 134%. Both measures easily topped forecasts.
But the massive growth stemmed from Covid vaccine sales. Excluding Comirnaty, Pfizer's sales grew 7% to $11.1 billion operationally.
Roughly three-quarters of Comirnaty sales came from outside the U.S., Pfizer Chief Executive Albert Bourla said in a written statement.
"We remain on track to achieve our goal of delivering at least two billion doses to low- and middle-income countries by the end of 2022 — at least one billion to be deliver this year and one billion next year, with the possibility to increase those deliveries if more orders are placed by these countries for 2022," he said.
The earnings news comes as Pfizer presents its case for vaccinating young children before advisors to the Centers for Disease Control and Prevention. The full CDC decision is the final step before the pediatric vaccine, a one-third sized dose, can launch.
Childhood vaccines could give Pfizer stock another leg-up. The vaccine is fully approved in people age 16 and older, and authorized in children age 12-15.
"With the greenlight from the (Food and Drug Administration) to authorize use of Pfizer-BioNTech's Covid-19 vaccine in children age 5-11, the company is set up for further success," Third Bridge senior analyst Mikaela Franceschina said in her note to clients. Third Bridge is a research firm.
Other Segments Mixed
But sans Comirnaty, sales growth was less impressive.
"Beyond Comirnaty, most of Pfizer's other key products came in close or slightly below expectations," Mizuho Securities analyst Vamil Divan said in a note. He kept his neutral rating on Pfizer stock.
Sales of pneumonia vaccine Prevnar declined 6% to $1.45 billion and missed forecasts, he said. That was driven by a 36% drop in adult vaccinations in the U.S. due to the prioritization of Covid shots.
Divan noted Vyndamax, Eliquis and Ibrance grew, but lagged forecasts. Vyndamax treats a rare disease in which abnormal protein builds up on the heart. Sales grew 43%. Revenue from blood thinner Eliquis rose 21% to $1.35 billion, while sales of cancer drug Ibrance ticked up 2% to $1.38 billion.
Smoking cessation treatment Chantix generated crashed 97% to $7 million after Pfizer recalled all lots of the pill due to higher-than-acceptable levels of a possible cancer-causing agent.
Revenue from inflammatory drug Xeljanz also fell 7% to $610 million. The FDA ordered Pfizer to add a warning against heart-related events, blood clots, cancer and death to the label for Xeljanz. The FDA decision also affects others in the same drug class. That news sent Pfizer stock falling.
Guidance Raise Beats Views
For the year, Pfizer guided to adjusted profit of $4.13-$4.18 per share and $81 billion to $82 billion in sales. The company raised its expectations for both metrics.
Both measures also outdid Pfizer stock analysts' forecast for earnings of $4.04 per share and $78.78 billion in total sales.
Analysts have lauded Pfizer for its pending plan to buy Trillium Therapeutics (TRIL). But the long-term outlook is still a question mark, Mizuho's Divan said. He reiterated his price target of 43 on Pfizer stock.
"While the vaccine continues to dominate discussions on Pfizer, we continue to look for company commentary on the vaccine's long-term impact to the company and other steps Pfizer is taking to improve its longer-term outlook," he said.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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