Pfizer Inc. (PFE, -0.03%) experienced a premarket drop in stock value on Tuesday due to a significant decline in second-quarter earnings compared to the previous year. The decrease in revenue is primarily attributed to a sharp decline in sales of their COVID vaccine and antiviral products, resulting in a more than 50% revenue decline.
Second-Quarter Financial Performance
During the second quarter, Pfizer reported a net income of $2.327 billion, or 41 cents per share, which represents a 77% decrease from the $9.906 billion, or $1.73 per share, earned during the same period last year. However, adjusted per-share earnings reached 67 cents, surpassing the FactSet consensus estimate of 57 cents.
Revenue for the quarter plummeted by 54%, totaling $12.734 billion in comparison to the $27.743 billion achieved a year ago. This figure fell short of the $13.363 billion FactSet consensus estimate.
Pfizer has revised its full-year revenue guidance down to a range of $67.0 billion to $70.0 billion, compared with the previous guidance of $67.0 billion to $71.0 billion. Nonetheless, it maintains its expectation of achieving full-year adjusted earnings per share (EPS) between $3.25 and $3.45.
Since the beginning of the year, Pfizer’s stock has experienced a 30% decline. In contrast, the S&P 500 (SPX, +0.15%) has seen a 19.5% increase.