DUBAI: Pfizer Inc. beat second-quarter profit expectations on Thursday as its COVID-19 pill as well as vaccine remained in high demand following an uptick in infections in the United States.
Revenue from the antiviral pill, Paxlovid, exceeded market estimates by more than $1 billion, while vaccine sales surged 20 percent, helping the drugmaker reaffirm the combined 2022 revenue forecast of $54 billion.
Pfizer also kept its full-year sales forecast unchanged, despite taking a $2 billion hit due to a stronger dollar, sending its shares up 1 percent in premarket trading.
While its coronavirus vaccine powered much of its growth last year, its antiviral treatment Paxlovid, whose demand has surged in recent months, is expected to further bolster revenue.
Paxlovid sales of $8.1 billion beat expectations of $7 billion, according to Refinitiv data, as it becomes the most used COVID antiviral in the United States.
Pfizer has been banking on demand for vaccine boosters to drive up sales in the next few years.
The company and its partner BioNTech last month signed a $3.2 billion deal with the US government for 105 million doses of their vaccine, which includes supply of retooled omicron-adapted booster, pending regulatory clearance.
“One question that could be asked is why Pfizer maintained ... COVID vaccine guidance despite getting an incremental $3 billion plus order from the US government,” said Wells Fargo analyst Mohit Bansal.
The company recorded a $450 million inventory write-off in the second quarter related to its COVID-19 products that had exceeded or are expected to exceed their shelf-lives.
Pfizer’s quarterly profit rose to $9.91 billion from $5.56 billion last year. Excluding items, it earned $2.04 per share, above estimates of $1.78.
Pfizer profit beats estimates on higher demand for COVID products
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Pfizer profit beats estimates on higher demand for COVID products
- Revenue from the antiviral pill, Paxlovid, exceeded market estimates by more than $1 billion
- Its antiviral treatment Paxlovid, whose demand has surged in recent months, is expected to further bolster revenue
Kuwait to boost Islamic finance with sukuk regulation
- The move supports sustainable financing and is part of Kuwait’s efforts to diversify its oil-dependent economy
RIYADH: Kuwait is planning to introduce legislation to regulate the issuance of sukuk, or Islamic bonds, both domestically and internationally, as part of efforts to support more sustainable financing for the oil-rich Gulf nation, Prime Minister Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah said on Wednesday.
Speaking at the World Governments Summit in Dubai, Al-Sabah highlighted that Kuwait is exploring a variety of debt instruments to diversify its economy. The country has been implementing fiscal reforms aimed at stimulating growth and controlling its budget deficit amid persistently low oil prices. Hydrocarbons continue to dominate Kuwait’s revenue stream, accounting for nearly 90 percent of government income in 2024.
The Gulf Cooperation Council’s debt capital market is projected to exceed $1.25 trillion by 2026, driven by project funding and government initiatives, representing a 13.6 percent expansion, according to Fitch Ratings.
The region is expected to remain one of the largest sources of US dollar-denominated debt and sukuk issuance among emerging markets. Fitch also noted that cross-sector economic diversification, refinancing needs, and deficit funding are key factors behind this growth.
“We are about to approve the first legislation regulating issuance of government sukuk locally and internationally, in accordance with Islamic laws,” Al-Sabah said.
“This enables us to deal with financial challenges flexibly and responsibly, and to plan for medium and long-term finances.”
Kuwait returned to global debt markets last year with strong results, raising $11.25 billion through a three-part bond sale — the country’s first US dollar issuance since 2017 — drawing substantial investor demand. In March, a new public debt law raised the borrowing ceiling to 30 billion dinars ($98 billion) from 10 billion dinars, enabling longer-term borrowing.
The Gulf’s debt capital markets, which totaled $1.1 trillion at the end of the third quarter of 2025, have evolved from primarily sovereign funding tools into increasingly sophisticated instruments serving governments, banks, and corporates alike. As diversification efforts accelerate and refinancing cycles intensify, regional issuers have become regular participants in global debt markets, reinforcing the GCC’s role in emerging-market capital flows.
In 2025, GCC countries accounted for 35 percent of all emerging-market US dollar debt issuance, excluding China, with growth in US dollar sukuk issuance notably outpacing conventional bonds. The region’s total outstanding debt capital markets grew more than 14 percent year on year, reaching $1.1 trillion.
