Pfizer Q4 2021 Earnings Highlights: Surpassing Expectations with Strong Vaccine Revenue

Pfizer outperformed earnings estimates and met revenue expectations in Q4 2021.

Key Insights

• Pfizer's adjusted earnings per share significantly surpassed analyst predictions, while revenue aligned with forecasts.
• The COVID-19 vaccine generated $12.5 billion globally, accounting for over half of the quarter’s total revenue.
• For fiscal year 2022, Pfizer anticipates combined revenue of approximately $54 billion from its COVID-19 vaccine and new oral antiviral treatment.

Source: Analyst consensus data from Visible Alpha

In-Depth Analysis of Pfizer (PFE) Q4 2021 Financial Performance

Pfizer Inc. (PFE) reported fourth-quarter earnings that far exceeded expectations. Adjusted earnings per share surged by 151.2% year-over-year, significantly beating analyst estimates. Revenue grew by 104.9% compared to the same period last year, aligning with market forecasts. Vaccine sales, including the COVID-19 vaccine developed with BioNTech SE (BNTX), accounted for approximately 58% of total revenue. Despite strong results, Pfizer’s shares declined nearly 4% in pre-market trading. Over the past 12 months, Pfizer’s stock delivered a total return of 58.3%, outperforming the S&P 500’s 14.5% total return.

COVID-19 Vaccine and Treatment Contributions

Although Pfizer’s revenue growth slowed from the previous quarter’s rapid expansion, it remained the second-fastest growth rate in over three years. This growth was primarily driven by two COVID-19-related products: Comirnaty, the company’s vaccine, and Paxlovid, its newly authorized oral antiviral treatment. Comirnaty contributed $12.5 billion in revenue, while Paxlovid added $76 million. Excluding these products, Pfizer’s operational revenue declined 2%, mainly due to fewer selling days compared to the prior year.

Paxlovid received Emergency Use Authorization (EUA) from the FDA on December 22, 2021. It is the first oral antiviral approved for treating COVID-19 in patients aged 12 and older or weighing at least 88 pounds. Pfizer, in partnership with BioNTech, was also the first to gain FDA EUA for its COVID-19 vaccine and achieved full FDA approval for individuals aged 16 and above in August 2021. The vaccine was subsequently authorized for emergency use in children aged 5 to 11 and is under review for children aged 6 months to 4 years. Additionally, Pfizer recently began clinical trials for an Omicron-targeted vaccine for adults aged 18 to 55.

Outlook and Guidance for FY 2022

Looking ahead, Pfizer projects full-year 2022 revenue between $98 billion and $102 billion, with adjusted earnings per share expected between $6.35 and $6.55. This guidance reflects an increase in anticipated Comirnaty sales to about $32 billion and an initial revenue forecast of approximately $22 billion from Paxlovid sales.

Pfizer’s next quarterly earnings update for Q1 2022 is scheduled for release on May 2, 2022.

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