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Pfizer 4Q Revenue Grows on Oncology, Vaccine Results

By Matt Grossman

 

Pfizer Inc. recorded stronger revenue in the latest quarter on Tuesday as the company's Covid-19 vaccine lifted the company's vaccine sales following its emergency approval by regulators late last year, and as revenue improved for the company's oncology products.

The New York City-based pharmaceutical company logged earnings of 10 cents a share, up from a loss of 6 cents a share in the same three-month period a year earlier. Net income was $594 million, compared with a net loss of $337 million in the prior-year period.

Pfizer's adjusted profit was 42 cents a share. Analysts surveyed by FactSet were expecting an adjusted profit of 50 cents a share.

Revenue was $11.68 billion, up 12% from $10.45 billion in the fourth quarter of 2019. Analysts were forecasting revenue of $11.48 billion.

Oncology sales grew 23%, to $3.02 billion, while internal-medicine revenue rose 1%, to $2.31 billion. Hospital revenue climbed 8%, to $2.22 billion, and vaccine revenue was up by 17%, to $2 billion. Revenue from inflammation and immunology products ticked up 1% in the quarter, to $1.27 billion, while rare-disease revenue improved by 26%, to $865 million.

The Covid-19 vaccine that Pfizer produced with BioNTech SE contributed $154 million in sales in the fourth quarter. The vaccine was granted an emergency-use authorization by the Food and Drug Administration in December.

Research and development expenses grew 22%, to $3.35 billion in the quarter, in part reflecting the company's investment in its Covid-19 vaccine and in other products related to Covid-19.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

February 02, 2021 07:24 ET (12:24 GMT)

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