Pfizer Inc. (NYSE: PFE) has confirmed the release date for its Q3 2021 earnings, which will be on Tuesday, November 2, 2021.
What to look for
Pfizer has a solid history of topping earnings estimates, and currently, the stock is in a good position to continue the trend when it reports its Q3 2021 results. In the past two quarters, the company had a strong streak of exceeding earnings estimates by an average of 14.02% in the first two quarters of the year. In addition, Pfizer has several products and drugs such as Vyndaqel and Eliquis plus the COVID-19 vaccine that are likely to contribute to growth in Q3.
Earnings: Stockeaning’s Estimated EPS for Q3 2021 is expected to increase from Q2’s EPS of $1.07. Historical EPS Performance shows that the company has in the last 12 quarters beat estimates ten times (83%) and missed twice (16%). Additionally, in the most recent quarter, the company had an EPS surprise of 10.31%, topping estimates of $0.97 per share. For the previous quarter, Pfizer beat consensus estimates of $0.79 per share by producing an EPS of $0.93, a 17.72% surprise.
Revenue: In Q2 2021, the company reported revenue of $19 billion, representing a 92% YoY increase. The company raised its full-year guidance range from $78 billion to 80 billion. The company expects 2021 revenues of $33.5 billion for its COVID-19 vaccine.
Stock movement: Since the last earnings release, Pfizer stock has gained 1.7%. Following previous earnings releases, the share price was DOWN 26 times over the past 47 quarters. So, the Historical price reaction predicts a 55% chance of share price going down after Pfizer releases its Q3 2021 earnings. According to the Stock Earning algorithm, the predicted first-day move is 2%, and the predicted move on the seventh day is 3%.
What analysts are saying
Morgan Stanley analyst Matthew Harrison raised his target price for Pfizer stock from $45 to $48 and maintained a "Hold" rating in the stock as he raised his 2022 EPS prediction from$4.24 per share to $4.57 per share driven by increased COVID-19 vaccine adoption. The analyst who anticipates Pfizer to raise its 2021 COVID-19 sales outlook from the current $33.5 billion notes that his full-year COVID-19 vaccine sales estimates of $39.7 billion are 12% more than consensus.
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