Pharmaceutical company Pfizer raised its 2022 revenue guidance after posting a 6 per cent rise in third-quarter net profit and beating analysts’ sales expectations during the period.
The New York-based company’s net profit rose to more than $8.6 billion in the three months to the end of September, nearly $462 million more than the same period last year.
However, Pfizer's July-September revenue dropped nearly 6 per cent yearly to $22.6bn, exceeding analysts’ expectations of $21bn.
The drug maker raised its full-year sales guidance for its Covid-19 vaccine to $34bn, up $2bn from the earlier expectations.
It also elevated the lower end of full-year 2022 revenue guidance to a range of $99.5bn to $102bn, reflecting an “improved operational outlook combined with incremental unfavourable foreign exchange impacts”, the company said.
Following the earnings announcement, Pfizer's shares were trading about 3 per cent up at $47.95 a share.
Over the next 18 months, Pfizer aims to have up to 19 new products in the market – including the five for which the company began co-promotion or commercialisation earlier this year.
“Many of these 19 programmes (or products) are already largely de-risked from a clinical perspective, the majority were discovered in-house, and nearly all would be for indications outside of Covid-19,” Albert Bourla, chairman and chief executive of Pfizer, said.
“This quarter, we set the stage for these potential launches by reorganising our commercial operations to better capitalise on these opportunities.”
Pfizer's adjusted earnings per share rose 40 per cent yearly to $1.78 per share in the quarter, surpassing the expectations of $1.39 a share.
The company predicts its adjusted diluted earnings per share will stay between $6.4 and $6.5 in 2022 financial year.
Sales of Pfizer’s Covid vaccine dropped almost 66 per cent on an annual basis to $4.4bn in the last quarter.
We continue to make progress towards our goal of adding at least $25bn in risk adjusted 2030 revenues to Pfizer’s portfolio through business development
David Denton,
chief financial officer and executive vice president of Pfizer
Meanwhile, Paxlovid contributed $7.5bn in global revenues. Paxlovid is a treatment for Covid-19 patients, but it does not prevent infection. It was found to reduce the risk of hospital admission or death from the virus by 90 per cent in a clinical trial of adults.
Pfizer reaffirmed the revenue guidance for Paxlovid of $22bn this fiscal year.
Beginning in the third quarter of this year, Pfizer made several organisational changes to transform its operations to better leverage its expertise in certain areas and in anticipation of potential future new product launches.
Pfizer’s primary care unit — consisting of the former internal medicine and vaccines product portfolios, as well as Covid-19 products — accounted for almost 70 per cent of overall revenue. Its sales dropped 1 per cent on annual basis to $15.8bn in the third quarter.
The specialty care arm — consisting of the former inflammation and immunology departments, rare disease and hospital product portfolios — dropped 3 per cent to $3.4bn.
Meanwhile, the oncology division revenue jumped 3 per cent to more than $3bn during the quarter.
In the first nine months of the year, Pfizer invested $7.8bn in internal research and development projects. It also allocated nearly $8bn were towards various business development transactions — including $6.4bn for the acquisition of Arena Pharmaceuticals and $400m for the acquisition of ReViral.
“Third-quarter results demonstrated commercial strength across many areas of our business but was somewhat obscured by the incredibly strong performance in the prior year,” David Denton, chief financial officer and executive vice president of Pfizer, said.
“We continue to make progress towards our goal of adding at least $25bn in risk adjusted 2030 revenues to Pfizer’s portfolio through business development … I look forward to continuing to execute on Pfizer’s strategies to deliver breakthroughs to patients and value to shareholders.”
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
Indika
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%2011%20Bit%20Studios%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Odd%20Meter%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%205%2C%20PC%20and%20Xbox%20series%20X%2FS%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
PROFILE OF INVYGO
Started: 2018
Founders: Eslam Hussein and Pulkit Ganjoo
Based: Dubai
Sector: Transport
Size: 9 employees
Investment: $1,275,000
Investors: Class 5 Global, Equitrust, Gulf Islamic Investments, Kairos K50 and William Zeqiri
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
Favourite book: ‘The Art of Learning’ by Josh Waitzkin
Favourite film: Marvel movies
Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
Tom Fletcher on 'soft power'
The biog
Occupation: Key marker and auto electrician
Hometown: Ghazala, Syria
Date of arrival in Abu Dhabi: May 15, 1978
Family: 11 siblings, a wife, three sons and one daughter
Favourite place in UAE: Abu Dhabi
Favourite hobby: I like to do a mix of things, like listening to poetry for example.
Favourite Syrian artist: Sabah Fakhri, a tenor from Aleppo
Favourite food: fresh fish
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Scores
Oman 109-3 in 18.4 overs (Aqib Ilyas 45 not out, Aamir Kaleem 27) beat UAE 108-9 in 20 overs (Usman 27, Mustafa 24, Fayyaz 3-16, Bilal 3-23)
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
UAE currency: the story behind the money in your pockets
