Pfizer's 2Q Revenues Up 92%

Pfizer

2Q Revenues: $19.0 billion (+92%)

2Q Earnings: $5.6 billion (+59%)

Comments: Vaccines sales were $9.2 billion in the quarter, up from $1.2 billion in 2Q20. COVID-19 vaccine BNT162b2 contributed $7.8 billion in sales and alliance revenues. Prevnar 13 sales were up 11% to $1.3 billion. Oncology sales were $3.1 billion, up 19%. Ibrance sales were $1.4 billion, up 4%. Inlyta sales were up 32% to $257 million. Xtandi alliance revenues were $303 million, up 14%. Internal Medicine sales were $2.4 billion, up 5% driven by Eliquis sales, up 16% to $1.5 billion.

Hospital sales were $2.3 billion, up 21%, primarily driven by Pfizer CentreOne, Pfizer’s contract manufacturing operation, reflecting manufacturing of legacy Upjohn products for Viatris, certain BNT162b2 manufacturing activities performed on behalf of BioNTech and remdesivir for Gilead, as well as growth from recent anti-infective product launches in international markets.

Inflammation & Immunology sales were down 9% to $1.0 billion. Xeljanz sales were down 8% to $586 million and Enbrel sales were down 15% to $286 million, primarily reflecting continued biosimilar competition. Rare Disease sales were $895 million in the quarter, up 32% driven by Vyndaqel/Vyndamax, with $501 million in sales, up 81%.

Biosimilars sales grew 93% to $559 million, primarily driven by recent oncology monoclonal antibody biosimilar launches of Zirabev (bevacizumab), Ruxience (rituximab) and Trazimera (trastuzumab) globally, as well as continued growth from Retacrit (epoetin) in the U.S.

Following the completion of the spin-off of the Upjohn Business in 4Q20, Pfizer operates as an innovative biopharmaceutical company. Revenues and expenses associated with the Upjohn Business for the first and second quarters of 2020 have been recategorized as discontinued operations. Hospital therapeutics now includes Pfizer’s Meridian subsidiary, the manufacturer of EpiPen.