Pfizer (PFE) reported first-quarter earnings on Tuesday, April 28, 2020, beating Wall Street Expectations. The drugmaker announced an adjusted EPS of 80 cents per share, 7 cents higher than Wall Street estimates. The company recorded total sales of $12 billion, an 8% decline in comparison to a year ago. Unadjusted profit for the first three months of the year declined 12% to $3.4 billion from $3.88 billion a year ago.
Pfizer along with German firm BioNTech is reportedly implementing steps to speed-up the development of coronavirus vaccine and expects to begin human trials soon. The company estimates it can potentially produce “millions” of coronavirus vaccine doses by the end of this year and much more doses in 2021 if the trial succeeds.
“We are fully committed to confronting the public health challenge posed by the COVID-19 pandemic by collaborating with industry partners and academic institutions to develop potential approaches to prevent and treat COVID-19,” stated Pfizer CEO Albert Bourla said in the earnings release.
Pfizer informed that the rate of new prescriptions and vaccinations dropped during the quarter as people stayed at home due to the virus outbreak. The company expects the slowdown to continue in the second quarter.
Pfizer (PFE) is a leading global provider of anti-infective medicines, offering patients access to a diverse portfolio of more than 80 products. To learn more about Pfizer (PFE) and to track its progress please visit the Vista Partners Pfizer Coverage Page.
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