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.”
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
FINAL SCORES
Fujairah 130 for 8 in 20 overs
(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)
Sharjah 131 for 8 in 19.3 overs
(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
Mohammed bin Zayed Majlis
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Traces%20of%20Enayat
%3Cp%3E%3Cstrong%3EAuthor%3A%3C%2Fstrong%3E%20Iman%20Mersal%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20And%20Other%20Stories%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3C%2Fp%3E%0A
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
GREATEST ROYAL RUMBLE CARD
The line-up as it stands for the Greatest Royal Rumble in Saudi Arabia on April 27
50-man Royal Rumble
Universal Championship
Brock Lesnar (champion) v Roman Reigns
Casket match
The Undertaker v Rusev
Intercontinental Championship
Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
SmackDown Tag Team Championship
The Bludgeon Brothers v The Usos
Raw Tag Team Championship
Sheamus and Cesaro v Bray Wyatt and Matt Hardy
United States Championship
Jeff Hardy (champion) v Jinder Mahal
Singles match
Triple H v John Cena
To be confirmed
AJ Styles will defend his WWE World Heavyweight title and Cedric Alexander his Cruiserweight Championship, but matches have yet to be announced
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
UAE currency: the story behind the money in your pockets
Rafael Nadal's record at the MWTC
2009 Finalist
2010 Champion
Jan 2011 Champion
Dec 2011 Semi-finalist
Dec 2012 Did not play
Dec 2013 Semi-finalist
2015 Semi-finalist
Jan 2016 Champion
Dec 2016 Champion
2017 Did not play
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
The biog
Nickname: Mama Nadia to children, staff and parents
Education: Bachelors degree in English Literature with Social work from UAE University
As a child: Kept sweets on the window sill for workers, set aside money to pay for education of needy families
Holidays: Spends most of her days off at Senses often with her family who describe the centre as part of their life too
Kathryn Hawkes of House of Hawkes on being a good guest (because we’ve all had bad ones)
- Arrive with a thank you gift, or make sure you have one for your host by the time you leave.
- Offer to buy groceries, cook them a meal or take your hosts out for dinner.
- Help out around the house.
- Entertain yourself so that your hosts don’t feel that they constantly need to.
- Leave no trace of your stay – if you’ve borrowed a book, return it to where you found it.
- Offer to strip the bed before you go.
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
