Pfizer earnings report touts coronavirus vaccine progress in 42,000-participant clinical trial
Pfizer is one of the companies on the cutting edge of a coronavirus vaccine
American pharmaceutical company Pfizer Inc. touted in its earnings report Tuesday that nearly 36,000 people have received a second vaccination in its coronavirus vaccine phase 2/3 clinical trial that has 42,000 participants.
Pfizer is one of the companies on the cutting edge of a coronavirus vaccine. Earlier in October, the company said it may apply for emergency-use authorization of its vaccine by late November.
Its vaccine candidate was "well tolerated with mild to moderate fever in fewer than 20% of the participants ... across all populations," Pfizer said.
Pfizer Inc. (PFE) on Tuesday reported third-quarter profit of $2.19 billion.
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On a per-share basis, the New York-based company said it had profit of 39 cents. Earnings, adjusted for non-recurring costs, came to 72 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.
The drugmaker posted revenue of $12.13 billion in the period.
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Pfizer expects full-year earnings in the range of $2.88 to $2.93 per share, with revenue in the range of $48.8 billion to $49.5 billion.
"In the first nine months of the year, our Biopharma business grew 7% operationally, despite a COVID-19-related negative impact of approximately 2%, driven by the strong performance of many of our key brands," Pfizer executive Frank D’Amelio said in a statement. “I am pleased with our performance so far this year, including our ability to maintain a steady supply of medicines to the patients who rely on them around the world during these uniquely challenging times. This performance adds to our confidence in our ability to achieve our expectation of at least a 6% compound annual revenue growth rate through 2025 for New Pfizer.”
Pfizer shares have decreased 3% since the beginning of the year, while the Standard & Poor's 500 Index has increased slightly more than 5%. The stock has climbed 4% in the last 12 months.
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The Associated Press contributed to this report.