Pfizer, the American pharmaceutical giant, has reported strong earnings for the fourth quarter of 2022, driven by the continued success of its COVID-19 vaccine. The vaccine has been a major growth driver for the company, with sales expected to reach $36 billion in 2023.

Pfizer's revenue for the quarter was $24.6 billion, up 17% from the same period the previous year. Net income was $5.2 billion, an increase of 6% compared to the same quarter in 2021. The strong results were driven by the success of the company's COVID-19 vaccine, as well as several other key products, including Prevnar 13 and Ibrance.

The COVID-19 vaccine, developed in partnership with German company BioNTech, has been a major contributor to Pfizer's success in 2022. The vaccine has been authorized for emergency use in more than 200 countries and territories around the world, and Pfizer has shipped more than 2 billion doses to date.

Sales of the vaccine totaled $10.3 billion in the fourth quarter, up from $7.9 billion in the third quarter. The company has been working to increase production capacity to meet the global demand for the vaccine, and recently announced plans to invest $5 billion to expand its manufacturing capabilities.

In addition to the COVID-19 vaccine, Pfizer's Prevnar 13 vaccine for pneumococcal disease and Ibrance for breast cancer also performed well in the fourth quarter. Prevnar 13 saw sales of $1.3 billion, up 16% from the same period in 2021, while Ibrance saw sales of $1.1 billion, up 10% from the same quarter the previous year.

Pfizer's CEO, Albert Bourla, praised the company's performance in the fourth quarter and the success of the COVID-19 vaccine. "We are very proud of the role we have played in the global effort to combat the COVID-19 pandemic," he said in a statement. "Our success is a testament to the dedication and hard work of our employees around the world."

Looking ahead, Pfizer is optimistic about its prospects, with several new products in the pipeline and a commitment to continued investment in research and development. The company recently announced plans to acquire Arena Pharmaceuticals, a biopharmaceutical company focused on developing treatments for pulmonary arterial hypertension and other diseases.

Pfizer is also working on developing new treatments for cancer, rare diseases, and other conditions. The company recently announced positive results from a Phase 3 trial of its investigational drug abrocitinib for atopic dermatitis, a chronic skin condition.

In conclusion, Pfizer's strong earnings in the fourth quarter of 2022 demonstrate the continued success of the company's COVID-19 vaccine and its ability to deliver value for shareholders. The company's focus on innovation and its commitment to investing in research and development position it well for future growth and success in an increasingly competitive industry. With its strong product portfolio and dedication to developing new treatments for a range of conditions, Pfizer is poised to continue delivering value for shareholders and improving the lives of patients around the world.

Source: The Wall Street Journal

Link: https://www.wsj.com/articles/pfizer-earnings-4q-2022-11641775692