Replies to post #241464 on Biotech Values

[DewDiligence]

Investors may_have_misunderstood PFE’s 2022 sales guidance—(Barron’s):

https://finance.yahoo.com/m/0fdc6c49-7101-30d1-b788-10b2545b0fb4/pfizer-stock-fell-2-8-did.html

[DewDiligence]

MRNA expects $19-22B of 2022 Spikevax sales:

https://www.accesswire.com/690184/Moderna-Reports-Fourth-Quarter-and-Fiscal-Year-2021-Financial-Results-and-Provides-Business-Updates

• Full year 2021 revenues of $18.5 billion; GAAP net-income of $12.2 billion and GAAP diluted EPS of $28.29

• Moderna increased its 2022 signed advance purchase agreements to approximately $19 billion, with additional signed options of approximately $3 billion; numerous discussions ongoing with governments for the fall of 2022 and 2023

• Moderna received full U.S. FDA approval for COVID-19 vaccine, Spikevax

• Moderna announces new bivalent booster candidate (mRNA-1273.214) combining Omicron-specific booster candidate (mRNA-1273.529) and the Moderna COVID-19 vaccine (mRNA-1273)

• Moderna announces a new $3 billion share repurchase plan

The $3B repurchase makes sense given the recent swoon in the share price and the ~$18B cash balance at 12/31/21.

[DewDiligence]

PFE’s CSO exercised_and_held_shares_from_stock-appreciation_rights_worth $14.1M:

https://www.sec.gov/Archives/edgar/data/0000078003/000122520822004229/xslF345X03/doc4.xml

The SARs in question did not expire until 2024.

[DewDiligence]

PFE 1Q22 results—2022 guidance:

Full-year 2022 sales guidance for the COVID vaccine and Paxlovid remain unchanged from the guidance given in February at $32B and $22B, respectively. However, thee guidance was implicitly raised insofar as the strong US dollar has adversely affected the guidance for the COVID vaccine and Paxlovid by $1.0B and $500K, respectively, relative to the guidance given in February.

1Q22 sales—excluding the COVID vaccine and Paxlovid—were +2% YoY.

2022 non-GAP EPS guidance was reduced by $0.10 due to an SEC-mandated in the accounting for in-process R&D (i.e. accounting for acquisitions); the new range is $6.25-6.45.


PR:
https://www.pfizer.com/news/press-release/press-release-detail/pfizer-reports-first-quarter-2022-results

CC slides:
https://s28.q4cdn.com/781576035/files/doc_financials/2022/q1/Q1-2022-Earnings-Charts-FINAL-(1).pdf

Transcript of CC prepared remarks:
https://s28.q4cdn.com/781576035/files/doc_financials/2022/q1/Q1-2022-Earnings-Conference-Call-Prepared-Remarks-FINAL.pdf

2-page infographic:
https://s28.q4cdn.com/781576035/files/doc_financials/2022/q1/Q1-2022-Pfizer-Earnings-Infographic-FINAL.pdf