Pfizer’s world headquarters is located in midtown Manhattan in New York City.
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Shares of pharmaceutical giant Pfizer rose in premarketing operations on Tuesday after they reported better-than-expected earnings for the second quarter and boosted their outlook for 2020, despite a 32% drop in earnings as demand for some of their medications decreased during the coronavirus pandemic.
The company reported adjusted earnings of 78 cents a share for the three months ended June 30, higher than the 66 cents a share projected by analysts surveyed by Refinitiv. Revenue fell 11% to $ 11.8 billion from $ 13.26 billion in the same quarter last year, but Wall Street saw it as good news as it was more than analysts expected at $ 11.5 billion.
Unadjusted, net income fell to $ 3.43 billion in the quarter, down from $ 5.05 billion a year ago.
The company raised its full-year forecast, expecting to earn between $ 2.85 and $ 2.95 a share from a previous forecast of between $ 2.82 and $ 2.92 a share. It also expects to generate between $ 48.6 billion and $ 50.6 billion by 2020, above its previous guidance of between $ 48.5 billion and $ 50.5 billion.
Pfizer shares rose more than 3% in pre-market trading.
Pfizer said the coronavirus cut about $ 500 million, or 4%, of its second-quarter earnings as more people worked from home and received fewer new prescriptions and vaccines. Revenue from its Biopharma unit increased 4% to $ 9.8 billion, while revenue from Upjohn, the business to be combined with Mylan, fell 32% to $ 2.01 billion. The force at its Biopharma unit was primarily fueled by demand for the breast cancer drug Ibrance and its anticoagulant treatment, the company said.
“We remain fully committed to meeting the public health challenge posed by the COVID-19 pandemic by collaborating with industry partners and academic institutions to develop potential approaches to preventing and treating COVID-19,” said Pfizer CEO Albert Bourla, it’s a statement. “Our researchers and scientists have made significant progress toward developing an effective vaccine, although significant additional work remains.”
Pfizer and German biotech company BioNTech said they began their advanced-stage human trial for a possible coronavirus vaccine on Monday.
The test will include up to 30,000 participants between the ages of 18 and 85 at 120 sites worldwide, including 39 U.S. states, the companies announced. If successful, they hope to submit it for a final regulatory review as soon as October. They plan to supply up to 100 million doses by the end of 2020 and approximately 1.3 billion doses by the end of 2021.
Pfizer and BioNTech are among several companies vying to develop a vaccine to fight the virus, which has infected more than 16 million people worldwide and killed at least 650,918 as of Tuesday, according to data compiled by Johns University. Hopkins. According to the World Health Organization, more than 150 vaccines are being developed worldwide, of which 25 are already in human trials.
Other competitors in the race for a vaccine include pharmaceutical giants Johnson & Johnson and Moderna.
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