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
https://arab.news/chpuf
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
Closing Bell: Saudi main market sheds 85 points to finish at 11,098
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06.
The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.
Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).
Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.
Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30.
On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.
Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50.
On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.
The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.
The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.
The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session.
Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.
Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.
Tadweer shares last traded at SR3.80, up 2.70 percent.
