Pfizer Inc. (PFE) reported its Q2 financial results before the market open in the US on Thursday.

World’s third largest pharmaceutical company topped both revenue and earnings per share estimates for the quarter.

The company reported revenue of $27.742 billion in Q2 (up 47% year-over-year) vs. $25.487 billion expected.

Earnings per share reported at $2.04 per share (up by 92% year-over-year) vs. $1.72 per share estimate.

Dr. Albert Bourla, Chairman and CEO commented on the latest results: ”In multiple meaningful ways, we made significant progress this quarter on our strategies to bring value to our patients and shareholders, while also making commitments to prioritize the broader needs of the world, including those of the environment and our most vulnerable populations. For example, we set an ambitious goal for ourselves to achieve the Net-Zero Standard for greenhouse gas emissions by 2040, ten years ahead of the timeline described in the standard. We also launched an initiative to help bring all of our current and future patented medicines and vaccines to the 1.2 billion people living in 45 lower-income countries around the world at not-for-profit prices, a first in the industry.”

”Even while launching these initiatives to support a healthier, more equitable world, we remain equally committed to strong financial execution on behalf of our shareholders. In the second quarter, we recorded the largest amount of quarterly sales in our history. We also presented potentially best-in-class data for etrasimod and announced the proposed strategic acquisition of Biohaven, both of which are closely tied to our purpose: Breakthroughs that change patients’ lives,” Dr. Bourla concluded.

Pfizer Inc. (PFE) chart

Despite beating Wall Street expectations for Q2, shares of Pfizer were down by around 1% at $50.98 per share.

Here is how the stock has performed in the past year:

• 1 Month -2.82%
• 3 Month +0.87%
• Year-to-date -13.72%
• 1 Year +19.07%

Pfizer price targets

• Morgan Stanley $49
• Wells Fargo $55
• Citigroup $57
• B of A Securities $70
• Goldman Sachs $51

Pfizer Inc. is the 27^th largest company in the world with a market cap of $285.76 billion.

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Sources: Pfizer Inc., TradingView, MetaTrader 5, Benzinga, CompaniesMarketCap