Shares of Pfizer rise as Q3 earnings beat estimates

Shares of Pfizer rise as Q3 earnings beat estimates

Pfizer Inc. (NYSE:PFE) reported its latest financial results for the third quarter before the opening bell on Tuesday in the US.

The US pharmaceutical company reported revenue of $22.638 billion (down 6% year-over-year) vs. $21.072 billion expected.

Earnings per share reported at $1.78 per share vs. $1.387 per share estimate.

David Denton, CFO of Pfizer commented on the results: ”Third-quarter results demonstrated commercial strength across many areas of our business but was somewhat obscured by the incredibly strong performance in the prior year. We saw strong operational performance this quarter from key brands such as Paxlovid and Eliquis, particularly in the U.S., as well as the continued impressive launch of Prevnar 20 for adults in the U.S. In addition, we continue to make progress toward our goal of adding at least $25 billion in risk adjusted 2030 revenues to Pfizer’s portfolio through business development. Since we last reported earnings, we completed the acquisitions of Biohaven and Global Blood Therapeutics, each of which bring significant scientific breakthroughs to Pfizer and which present opportunities where we believe we can add great value.”

”I look forward to continuing to execute on Pfizer’s strategies to deliver breakthroughs to patients and value to shareholders,” Denton concluded.

The stock was up by around 3% on Tuesday, trading at $47.94 a share.

Stock performance

• 1 month: +7.85%
• 3 months: -3.50%
• Year-to-date: -18.80%
• 1 year: +5.50%

Pfizer price targets

• Morgan Stanley: $50
• Barclays: $44
• SVB Leerink: $48
• Wells Fargo: $55
• Citigroup: $57
• B of A Securities: $70

Pfizer is the 27^th largest company in the world with a market cap of $269.29 billion.

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Sources: Pfizer Inc., TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap