Pharmaceuticals giant Pfizer (NYSE: PFE) is projected to earn record revenue in 2022 powered by the company’s antiviral Covid-19 pill dubbed Paxlovid and vaccines.
In the company’s earnings call for Q4 2021, Pfizer stated that it expects to generate $32 billion from the Covid vaccines and $22 billion from its antiviral coronavirus treatment pill Paxlovid.
During the quarter, the firm generated $23.84 billion in revenue, which was slightly lower than the analyst estimates of $24.12 billion. In the last three months of 2021, Pfizer sold $12.5 billion worth of Covid-19 vaccines.
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However, the company’s medical sales dropped 3% on a year-over-year basis to $2.24 billion. Elsewhere, hospital sales stood at $1.88 billion. Elsewhere, the oncology wings sales surged 7% to $3.24 billion.
PFE stock makes slight gains
Amid the results, PFE stock has slightly surged 0.40%, trading at $53 by press time. The stock has recently exhibited volatility falling from a recent peak attained in mid-December. However, the stock is moving in line with market expectations.
Besides the expected revenue boost, Pfizer stock has outperformed the broader market over the past year. The stock matched the market’s performance. However, it plunged in January after backing out of a heart-disease development deal with Ionis Pharmaceuticals.
From a bearish perspective, Pfizer’s sales from inflammatory drug Xeljanz dropped and might have implications on the stock. Recently, regulators called on the players in the space to add warnings to the labels for Xeljanz and other related drugs. Testing shows that patients with similar medicines have a heightened risk of blood clots.
Overall, PFE stock growth will likely be driven by demand for its solutions for the pandemic. Currently, more countries are administering second booster shots.
Furthermore, Pfizer is awaiting EU approval for its vaccine for use in children aged six months through to four years of age. Approval would give a further boost in demand for Pfizer’s vaccines.
Analysts bullish on PFE stock
Looking forward into 2022, analysts are expressing bullishness for the stock ahead of the projected revenue surge from the Covid-19 vaccines and pill sales.
In the next 12 months, 18 Wall Street analysts have placed the stock’s target at $60.88 with a high forecast of $76.00 and a low forecast of $51. The average target represents a growth of 14.41% from the PFE current price.
Nine analysts recommend buying the stock, while the rest are for holding.
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