(Source = Yonhap News)
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Pfizer sells vaccines and treatments for coronavirus, a ‘jackpot’… 19 trillion won in sales in the first quarter of this year

(Source = Yonhap News)

Pfizer, a US pharmaceutical company, achieved huge sales growth in the first quarter of this year by selling vaccines and treatments for the novel coronavirus infection (COVID-19).

According to the Wall Street Journal (WSJ) on the 3rd (local time), Pfizer’s first-quarter sales jumped 77% year-on-year to $25.7 billion (about 32.6 trillion won). This was higher than analysts’ forecast of $23.9 billion, compiled by FactSet, a financial information company.

Net profit in the first quarter also jumped 61% to $7.86 billion (about 10 trillion won) from $4.88 billion in the previous year. Adjusted earnings per share (EPS) were $1.62, up 72% year-over-year, beating the consensus estimate of $1.47.

Pfizer’s strong earnings were driven by the COVID-19 vaccine and oral treatment Paxrovid. Pfizer’s direct sales in the first quarter were $13.2 billion (about 16.7 trillion won) for the COVID-19 vaccine, and $1.5 billion (about 1.9 trillion won) of Paxrovid.

Pfizer's new coronavirus infection (COVID-19) oral treatment pill 'Paxrovid' (provided by Pfizer)

Pfizer’s new coronavirus infection (COVID-19) oral treatment pill ‘Paxrovid’ (provided by Pfizer)

Paxrovid is an oral treatment that is effective for people infected with COVID-19, but has no preventive effect. In another clinical trial on adults at high risk of developing serious diseases infected with the virus, the drug was found to reduce the risk of death from COVID-19 by 90%.

The reason why the number of COVID-19 vaccines and treatments sold is because the demand for the vaccine has recently increased due to Boostershot and approval for vaccinations for children 5 years and older. In addition, since the end of last year, governments around the world that have approved the use of Paxrovid, including the United States, have purchased the drug in large quantities, resulting in a significant increase in sales.

Meanwhile, Pfizer lowered its 2022 earnings forecast by $0.15 to $6.25 to $6.45 per share from the previously announced $6.35 to $6.55 per share due to changes in accounting policies despite brisk sales of vaccines and treatments for COVID-19.

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