Pfizer share price is up 2.07% on the day after the company reported higher-than-expected second-quarter results on Wednesday. Pfizer Inc notched up an adjusted profit of $1.07, which was much higher than the $0.62 per share posted in the same period in 2020.
Revenues beat estimates, coming in at $18.98 billion versus the consensus of $18.73 billion. This figure represented a 92% surge.
At the heart of the figures is the contribution made by the robust sales of the BNT162b2 COVID-19 vaccine, which came to $7.8billion. The company is now projecting 2021 sales of the vaccine to hit $33.5billion.
In a statement made by the Chief Financial Officer Frank D’Amelio, the company said its 10% operational growth rate in revenues minus the contribution from the coronavirus vaccine, pointed to the underlying strength of its business.
Pfizer’s stock price looks set for a 10th day of gains out of a possible 11, trading at 43.07 as of writing.
Pfizer Stock Price Outlook
Price has stalled at the 9 December 2020 high of 43.10, as the measured move from the break of the bullish pennant concludes. Further extension of the price will have to overcome barriers at 43.42 (9 October 2018 high) and 44.05 (4 December 2018 all-time high) to post new record levels.
On the other hand, a correction from a rejection-pullback at 43.10 targets 42.17 initially. If the correction continues, 41.10 and 40.32 come into the picture as additional targets to the south.