Pfizer (NYSE: PFE) Investors are having a good Tuesday. His company reported second-quarter fiscal results in the morning, and while headline numbers declined, they easily beat analyst estimates.
For the quarter, the pharmaceutical giant’s revenues reached just over $ 11.80 billion, 11% below the count for the second quarter of 2019. In the final result, non-GAAP (adjusted) net profit decreased 3% to $ 4.40 billion, or $ 0.78 per share.
Together, forecasters tracking Pfizer estimated it would make $ 11.55 billion in revenue and post an adjusted net profit per share of $ 0.66.
As with any large, global company operating in the shadow of the coronavirus pandemic, Pfizer’s sales and profitability have been affected by the economic disruption. At the beginning of the quarter, the company briefly halted recruitment for some of its clinical trials and delayed the start of others.
A greater impact was felt in the sales effort; Pfizer said this was largely due to the necessary refocusing of the medical industry on coronavirus and COVID-19. The company is dedicating resources to this fight; in collaboration with German biotechnology BioNTech, is about to enter phase 2/3 clinical trials with a mRNA-based coronavirus vaccine candidate, BNT162b2.
The company cautiously lifted its guidance for all of 2020. Now it believes it will earn between $ 48.6 billion and $ 50.6 billion at the top line of the year; previously, the estimate was $ 48.5 billion to $ 50.5 billion. Meanwhile, adjusted earnings per share (EPS) should land at $ 2.85 to $ 2.95, up from the originally anticipated $ 2.82 to $ 2.92.
At the close of business on Tuesday afternoon, Pfizer shares rose 4.5% in contrast to declines suffered by major stock indices.