Sales of Pfizer’s COVID-19 vaccine and treatment pushed the drugmaker well past expectations in the first quarter, as profit grew 61%.
COVID-19 vaccine and treatment sales helped Pfizer breeze past Wall Street's first-quarter expectations, as the drugmaker's profit grew 61%.
All that helped company revenue swell 77%, compared to last year's quarter, when vaccine sales were still ramping up. Pfizer books the vast majority of revenue from Comirnaty and splits profit, as well as the cost to make and distribute the vaccine, with development partner BioNTech. “We are seeing strong signs for increasing demand for Paxlovid,” Chairman and CEO Albert Bourla told analysts Tuesday.
During a Tuesday conference call to discuss the quarter, another analyst asked Pfizer executives about reports of COVID-19 recurring in patients after they have completed a Paxlovid treatment course.
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