Pfizer leaves COVID product forecast unchanged

Wall Street analysts are divided over the durability of both the vaccine and Paxlovid, as pandemic urgency wanes.

JP Morgan analyst Chris Schott in a research note said the long-term sustainability of Pfizer's COVID-19 business is up for debate, and that the company's ability to generate new drugs from its pipeline will be increasingly important for it to outperform expectations.

Pfizer has been banking on sales of vaccine booster doses, including an Omicron-tailored version expected in the fall, to drive demand in the next few years.

Pfizer and BioNTech last month signed a $3.2 billion deal with the U.S. government for 105 million doses of their vaccine, which includes supply of a retooled Omicron-adapted booster, pending regulatory clearance. 

Overall sales of $27.74 billion for the quarter exceeded analysts' estimates of $25.74 billion.

Citi analyst Andrew Baum said the picture excluding the COVID business was less rosy, as sales of important products such as breast cancer drug Ibrance and arthritis treatment Xeljanz came in well below Wall Street estimates at $1.32 billion and $430 million, respectively.

COVID-19 vaccine sales rose 13% to $8.85 billion.

Pfizer's second-quarter profit rose to $9.91 billion from $5.56 billion a year ago. Excluding items, it earned $2.04 per share, topping analysts' estimates by 26 cents.

Pfizer shares were down 1.2% at $50.93