Pfizer reports record profits amid growth in vaccine, Paxlovid pill

Washington Updated: May 03, 2022, 11:55 PM(IST)

Pfizer Photograph:( Reuters )

Story highlights

The adjusted earnings of Pfizer stood at f $1.62 per share in the first quarter which surpassed $1.49 projected by industry experts.

US drugmaker Pfizer reported a net income of $7.86 billion due to the COVID-19 vaccine and the Paxlovid pill.

The vaccine helped the drugmaker to report $13 billion in sales in the quarter as the Paxlovid pill brought in $1.5 billion helping to boost the company's revenue by 77 per cent. The profits of the company grew 61 per cent.

The adjusted earnings of the company stood at $1.62 per share in the first quarter which surpassed $1.49 projected by industry experts. The company's revenue was $25.66 billion which was above Wall Street's expectation of $24.1 billion.

Also Read: EU authorises Moderna vaccine for young kids; recommends Pfizer's booster

Pfizer had launched its vaccine for adults in late 2020 in the US and later expanded it to include children.

The pharmaceutical giant had said last month that a third dose of the COVID-19 vaccine protection against the Omicron variant in children was meant for age group of 5 to 11.

Watch: Biden calls Pfizer COVID-19 pill a 'gamechanger'

The vaccine maker had added that it will apply for US emergency use authorization for the booster dose for the age group.

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