: Pfizer’s stock falls premarket as earnings fall sharply amid lower sales for its COVID vaccine and antiviral

Pfizer Inc. PFE stock fell premarket Tuesday, after the drug giant’s second-quarter earnings fell sharply from a year ago as sales of its COVID vaccine and antiviral tumbled to drive a more than 50% decline in revenue. The company posted net income of $2.327 billion, or 41 cents a share, for the quarter, down 77% from $9.906 billion, or $1.73 a share, in the year-earlier period. Adjusted per-share earnings came to 67 cents, ahead of the 57 cent FactSet consensus. Revenue fell 54% to $12.734 billion from $27.743 billion a year ago, below the $13.363 billion FactSet consensus. The company lowered the top end of its full-year revenue guidance to $67.0 billion to $70.0 billion, compared with prior guidance of $67.0 billion to $71.0 billion, But it said it still expects full-year adjusted EPS of $3.25 to $3.45. The stock is down 30% in the year to date, while the S&P 500 SPX has gained 19.5%.

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