Pfizer beat the expectation even though it fell short on revenue

Pfizer beat the expectation even though it fell short on revenue

Although it is in the race of developing a vaccine, Pfizer’s stock price fell in the first half of the year

For pharmaceutical giant Pfizer, the past quarter was busy as it is working on developing a COVID-19 vaccine, and the financial results that came in beat the expectations.

The net income fell for Q2 to $3.43 billion, meaning an EPS of 61 cents. During the same time last year, Pfizer had an EPS of 89 cents, and a net income of $5.05 billion.

It lost 11% on revenue, figures coming in at $11.80 billion, but it beat the $11.58 billion consensus.

Pfizer provided guidance for the rest of the year. The EPS was adjusted to $2.85 with a $2.95 high from a previous $2.82 to $2.92. The revenue is expected to reach a high of $50.5 billion downgrading from an initial top of $50.6 billion.

During today’s pre-market session, the stock price gained 3.4%. Since the beginning of 2020, the share price fell 4.2%, while USA30 lost 6.9%.

Sources: marketwatch.com

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