Pfizer (PFE) stock traded sideways Tuesday on a "pretty uneventful quarter" as revenue from its Covid products helped drive a fourth-quarter beat.
↑ X NOW PLAYING How To Buy Stocks: Swing Trading Vs. Position TradingThough sales of Comirnaty and Paxlovid plummeted year over year, they beat expectations at $3.83 billion and $727 million, respectively. Comirnaty is the BioNTech (BNTX)-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."
In morning trades on today's stock market, Pfizer stock was mostly flat, last down a fraction at 26.19.
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.
David 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.
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.
YOU MAY ALSO LIKE:
AbbVie Surges 5% As Immunology Powerhouses Skyrizi And Rinvoq Continue To Dominate
Idexx Laboratories Barks Up A Beat, And Shares Jump To A Four-Month High
Looking For The Next Big Stock Market Winners? Start With These 3 Steps
Learn How To Time The Market With IBD's ETF Market Strategy
Profit From Short-Term Trends With SwingTrader
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.