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.”
RESULTS
6.30pm: Handicap (rated 95-108) US$125,000 2000m (Dirt).
Winner: Don’t Give Up, Gerald Mosse (jockey), Saeed bin Suroor (trainer).
7.05pm: Handicap (95 ) $160,000 2810m (Turf).
Winner: Los Barbados, Adrie de Vries, Fawzi Nass.
7.40pm: Handicap (80-89) $60,000 1600m (D).
Winner: Claim The Roses, Mickael Barzalona, Salem bin Ghadayer.
8.15pm: UAE 2000 Guineas Trial (Div-1) Conditions $100,000 1,400m (D)
Winner: Gold Town, William Buick, Charlie Appleby.
8.50pm: Cape Verdi Group 2 $200,000 1600m (T).
Winner: Promising Run, Patrick Cosgrave, Saeed bin Suroor.
9.25pm: UAE 2000 Guineas Conditions $100,000 1,400m (D).
Winner: El Chapo, Luke Morris, Fawzi Nass.
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
The%20specs
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Bert van Marwijk factfile
Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder
Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia
Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands
Glossary of a stock market revolution
Reddit
A discussion website
Redditor
The users of Reddit
Robinhood
A smartphone app for buying and selling shares
Short seller
Selling a stock today in the belief its price will fall in the future
Short squeeze
Traders forced to buy a stock they are shorting
Naked short
An illegal practice
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
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
Scoreline
UAE 2-1 Saudi Arabia
UAE Mabkhout 21’, Khalil 59’
Saudi Al Abed (pen) 20’
Man of the match Ahmed Khalil (UAE)
COMPANY%20PROFILE
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Arctic Monkeys
Tranquillity Base Hotel Casino (Domino)
'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
RACE CARD
6.30pm Al Maktoum Challenge Round-1 Group 1 (PA) Dh119,373 (Dirt) 1,600m
7.05pm Handicap (TB) Dh102,500 (D) 1,200m
7.40pm Handicap (TB) Dh105,000 (Turf) 1,800m
8.15pm UAE 1000 Guineas Trial (TB) Dh183,650 (D) 1,400m
9.50pm Handicap (TB) Dh105,000 (D) 1,600m
9.25pm Handicap (TB) Dh95,000 (T) 1,000m
More from Rashmee Roshan Lall
UAE currency: the story behind the money in your pockets
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
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- Matthew Briggs (Fulham)
16 years, 68 days old
Credit Score explained
What is a credit score?
In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.
Why is it important?
Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.
How is it calculated?
The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.
How can I improve my score?
By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.
How do I know if my score is low or high?
By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.
How much does it cost?
A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.
It’ll be summer in the city as car show tries to move with the times
If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.
A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.
The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.
In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.
The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.
Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.
Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.
“It's maddening,” said one such worker at Nissan's stand.
The absence of some pizzazz, as well as top marques, was also noted by patrons.
“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.
“I can't help but think it's easier to stay at home than to brave the snow and come here.”
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
