What’s Going On Here?Pfizer’s quarterly results beat analyst expectations on Tuesday, and the pharma giant’s planning to keep milking this fifteen minutes of fame for all it’s worth. What Does This Mean?Pfizer’s better-than-expected revenue and profit had a lot to do with the little-known vaccine it co-produced with BioNTech – though its non-coronavirus-related drugs beat expectations too. But even the company couldn’t have anticipated just how efficient some vaccine rollouts have been, and it’s now expecting to deliver 1.6 billion doses by the end of the year – way more than it previously predicted. That encouraged it to bump up its earnings forecasts for the rest of 2021, which was just what the doctor – or, uh, its investors – ordered. Why Should I Care?Zooming in: Do good things, and good things happen to you.
There are a few reasons Pfizer’s strong run of form looks set to continue. For one thing, it might’ve become America’s go-to after Johnson & Johnson’s one-shot vaccine was put on hold over its potential side effects (tweet this). Those queries have been ironed out, sure, but the damage to its reputation might already be done. For another thing, Pfizer’s market could be about to get a lot bigger: its vaccine is currently being evaluated by European regulators for use among teens, and it’s hoping India might fast-track approval to bring the country’s spiraling crisis to an end.
The bigger picture: Drug stores can’t kick the habit.
The vaccine’s been working wonders every which way you look: CVS Health – which has been doling out jabs to Americans across its network of pharmacies – reported better-than-expected quarterly earnings of its own on Tuesday. The company raised its forecast for the rest of the year, and that gave its stock the shot in the arm it needed. | 