Barrons: Pfizer Stock Is Falling. Did Investors Misunderstand the Revenue Guidance?


Pfizer shares dropped sharply after the company’s 2022 sales guidance appeared to fall short of expectations.

The guidance that Pfizer (ticker: PFE) presented, however, doesn’t take into account future sales of Pfizer’s Covid-19 vaccine and antiviral, but only sales already made. The number will likely climb upward as the year progresses, suggesting that the selloff on Tuesday may have been based on a misunderstanding.

In its earnings release, Pfizer said it expected revenues of between $98 billion and $102 billion in 2022, including Covid vaccine sales of $32 billion and Covid antiviral sales of $22 billion.

The antiviral sales guidance met the consensus estimate according to FactSet, but the Covid vaccine guidance fell short by $2.8 billion. The FactSet estimate for Pfizer’s overall revenue for 2022 was $103.2 billion, around $3 billion above the midpoint of Pfizer’s guidance range.


  • Do you think Pfizer is undervalued right now due to incorrect interpretation of future vaccine and anti-viral drug sale projections?

  • More a more general level, do you think Pfizer is going to wisely invest its covid windfall and develop great revenue streams?

  • Do you consider Pfizer a great buy or not? Is this a long term hold? The pe ratio is 13. Is that considered normal for drug companies?


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