delivered higher fourth-quarter profit and sales than expected, though it made no sales of its Covid-19 antibody cocktail.
The pharmaceuticals company reported adjusted earnings of $12.56 per share for the quarter that ended in December, while analysts tracked by
had expected $10.17 per share. Still, that was half of the company delivered in the same quarter a year earlier.
Total revenue also dropped by 31% to $3.41 billion from a year ago. TheFactSet consensus was for $3.13 billion.
said it made no sales of REGEN-COV, its Covid-19 antibody drug, during the quarter, because it had completed final deliveries of the product under its agreements with the U.S. government. The antibody treatment generated $2.3 billion in sales in the year-earlier quarter.
The company said in December 2021 that its antibody treatment was less effective against the Omicron variant than against earlier strains of Covid-19.
(PFE) said this week that it expects Covid-19 vaccine sales to drop to $13.5 billion in 2023, from $37.8 billion in 2022.
reports fourth-quarter results in mid-February; it has maintained a forecast of $5 billion in Covid-19 sales in 2023 , saying it sees the potential for additional contracts in key markets.
The stock (ticker: REGN) gained nearly 2% to $765 around 7:30 a.m. in premarket trading.
Write to Karishma Vanjani at firstname.lastname@example.org