Pfizer Inc. (PFE) reported Q1 FY 2022 earnings that surpassed analyst expectations. Adjusted earnings per share (EPS) rose 70.5% compared to the year-ago quarter, beating expectations by a wide margin. Pfizer's revenue expanded 76.8% year over year (YOY), exceeding analyst forecasts. Approximately 58% of this revenue was from vaccine sales, including sales of the company's COVID-19 vaccine, developed with German-based BioNTech SE (BNTX).
Pfizer's shares were down about 1% in pre-market trading. Over the past year, Pfizer's stock has provided a total return of 25.7%, well above the S&P 500's total return of -0.9%.
Pfizer's revenue growth was primarily driven by sales of two products related to COVID-19: Comirnaty, the company's vaccine against the disease; and Paxlovid, its oral antiviral treatment against COVID-19. Comirnaty contributed $13.2 billion to the company's total revenue, while Paxlovid contributed $1.5 billion. Excluding sales from Comirnaty and Paxlovid, Pfizer's revenue increased 2% operationally (operational revenue excludes the impact of foreign exchange rates).
Paxlovid received emergency use authorization (EUA) by the Food and Drug Administration (FDA) in December 2021. It is a prescription-only medication used for treating cases of COVID-19 in adults and pediatric patients at least 12 years of age or weighing at least 88 pounds. It is the first oral antiviral treatment for COVID-19 to receive EUA. The Biden administration recently announced steps to increase access and encourage broader use of the drug, including increasing the number of sites where people will have access to the treatment.
Pfizer, in collaboration with BioNTech, was also the first company to receive an EUA from the FDA for its vaccine. In August 2021, it also became the first company to gain full approval from the FDA for use of its vaccine in individuals 16 years of age or older. In October, the FDA authorized the Pfizer-BioNTech vaccine for emergency use by millions of children 5 through 11 years of age. Pfizer recently submitted an EUA application for approval of a booster dose of the vaccine in this same age group of children aged 5 to 11. The FDA approved at the end of March a second booster dose of the vaccine for people 50 years of age and older and certain immunocompromised individuals.
Pfizer provided revenue and earnings guidance for full-year FY 2022. The company expects to generate annual revenue of between $98.0 billion and $102.0 billion. It expects to earn adjusted EPS of between $6.25 and $6.45. This outlook reflects expected revenues of $32 billion generated by sales of Comirnaty and $22 billion by sales of Paxlovid.
Pfizer's next earnings report (for Q2 FY 2022) is expected to be released on July 26, 2022.