The U.S. Food and Drug Administration (FDA) has approved the use of Pfizer, Inc. (NYSE: PFE) and BioNTech SE’s (NASDAQ: BNTX) COVID-19 vaccine as a booster dose for children aged five to 11 years.
The booster shot should be administered at least five months after taking the primary doses of the vaccine, the FDA said.
Peter Marks, the Director of the FDA’s Center for Biologics Evaluation and Research, said, “The Pfizer-BioNTech COVID-19 vaccine is effective in helping to prevent the most severe consequences of COVID-19 in individuals five years of age and older.”
In January, the regulatory body authorized the use of a booster shot of the companies’ COVID-19 vaccine among teenagers aged between 12 and 15.
Q1 Results
The New York-based company recently reported strong first-quarter results. Adjusted EPS increased 72% year-over-year to $1.62, beating the Street’s estimates of $1.47. Revenues grew 77% to $25.7 billion, surpassing analysts’ expectations of $23.9 billion.
Along with the quarterly results, the pharma giant updated its outlook for full-year 2022. It expects adjusted EPS to range from $6.25 to $6.45, lower than the prior guidance of $6.35 to $6.55. Further, revenues are projected between $98 billion and $102 billion.
Price Target
Based on six Buys and eight Holds, the stock has a Moderate Buy consensus rating. PFE’s average price target of $58.92 implies 14.8% upside potential from current levels. Shares have gained 32.6% over the past year.
Bloggers’ Sentiment
TipRanks data shows that financial blogger opinions are 95% Bullish on Pfizer, compared to the sector average of 71%.
Conclusion
Pharma is one of the industries that has gained the most from the COVID-19 pandemic. This is reflected in Pfizer’s stock price, which has gained almost 46% over the last three years and 32.6% in the past year. Additional approval for its COVID-19 vaccine will help the company in outperforming its guidance.
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