Pharmaceutical company Pfizer (NYSE:PFE) Inc. increased both net income and revenue by 45% in the first quarter.
According to Pfizer press release, its net income in January-March was $4.88 billion, compared to $3.36 billion in the same period of the previous year. Earnings per share were $0.86 compared to $0.6 a year earlier.
Earnings excluding non-recurring factors rose to $0.93 per share from $0.63 per share, beating the average forecast of $0.77 per share by experts surveyed by FactSet.
Pfizer's quarterly revenue rose to $14.58 billion from $10.08 billion a year earlier. Analysts' consensus forecast for this figure was $13.54 billion.
Revenue from vaccines tripled to $4.89 billion from $1.61 billion, while revenue from oncology sales rose 18% to $2.86 billion.
According to the new forecasts of Pfizer, in 2021, its earnings excluding one-time factors will be $3.55-3.65 per share, while revenues will reach $70.5-72.5 billion. Previously, the company predicted adjusted earnings of $3.1-3.2 per share, revenues $59.4-61.4 billion.
The annual revenue forecast for COVID-19 vaccine sales was raised by 73% to $26bn from $15bn. The company expects shipments of BNT162b2 vaccine under contracts entered into before mid-April to reach 1.6bn doses this year. This figure can be adjusted if additional contracts are signed, Pfizer said.
Pfizer shares are rising in pre-market trading on Tuesday. Their value has risen 8.2% since the start of the year.