Pfizer Stock (NYSE:PFE)
Before the market opens on Tuesday, May 2, Pfizer (NYSE:PFE) plans to release its quarterly financial results. As a result, Pfizer stock surged.
Revenue is predicted to be $16.49B (-35.8% Y/Y), while earnings per share are predicted to be $0.99 (-38.9% Y/Y).
Over the past two years, PFE has consistently outperformed expectations, with an EPS beat rate of 100% and a revenue beat rate of 75%.
Two upgrades have been made to EPS forecasts during the last three months, while eight cuts have been made. There have been 2 positive adjustments and 5 negative changes to revenue forecasts.
Despite Q4 results that were mixed, shares of the company ended the day on January 31 up +1.40%. Pfizer’s adjusted EPS was better than expected, but sales fell short. The predicted income for the whole year of 2023 was likewise perceived as being lower than expected.
Despite the current climate, Pfizer previously stated that it anticipates 2023 revenues of $13.5B from its COVID-19 vaccine Comirnaty, developed partner BioNTech.
The first quarter showed a drop in demand for COVID drugs, which was reflected in the quarterly results of pharmaceutical giants GSK, Roche, and AstraZeneca.
M&A
Pfizer’s planned $43 billion acquisition of cancer pharmaceutical Seagen was one of the largest M&A agreements disclosed in the year’s first quarter. Industry watchers predict that the strong start to deal-making in the biotech sector will continue throughout the year.
The RSV Vaccine Sprint
In May, the business hopes to hear whether or not its RSV vaccine will be approved. Abrysvo has been recommended for use in the elderly by an FDA advisory council. The agency is anticipated to judge a vaccine against respiratory syncytial virus (RSV) for pregnant women in August.
Pfizer faces competition in the RSV market from GSK, which also has an RSV product in the form of Arexvy awaiting FDA clearance and might debut this year.
Approvals
Zavzpret, a nasal spray treatment for migraines developed by Biohaven and acquired by Pfizer for $11.6 billion, was approved by the Food and Drug Administration in March.
The pneumococcal vaccination Prevnar 20, made by Pfizer, was also given the green light by the FDA to protect young children against the onset of pneumococcal illness. The business also saw increased U.S. clearance during the quarter for its atopic dermatitis medication, Cibinqo.
Clinical Trials
In a phase 3 study, the Xtandi combination from Pfizer and Astellas helped reduce the chance of metastases or death from prostate cancer by 58%.
Featured Image: Pixabay @ mike_ramirez_mx
Author Shariq Khan 
