• 17/04/2024 14:56

Pfizer unexpectedly showed better financial results

Pharmaceutical giant Pfizer published its financial report for the fourth quarter of last year. The results surprised experts, who had predicted the situation would be worse. CNBC writes about this.

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Financial results

As the company reported, during this period Pfizer earned 10 cents per share on an adjusted basis. Analysts surveyed by LSEG on average expected a loss of 22 cents per share.

Pfizer achieved this result due to demand for drugs against coronavirus, produced jointly with German BioNTech, as well as a 22% reduction in research costs.

The company aims to return to full-year profitability thanks to a $4 billion cost-cutting program and internal restructuring.

Market reaction

Pfizer shares have lost over the past year 37%. After the release of the report on Tuesday, the price began to rise before the market opened and jumped 1.2%, but subsequently pulled back to the low of the last 5 days.

Pfizer unexpectedly showed better financial results

Pfizer share price dynamics/Source: Google

minfin.com.ua

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