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Pfizer Reports Q2 Earnings Results amid Its Work on COVID-19 Vaccine, PFE Stock Up 2%

Pfizer Inc (NYSE: PFE) which is one of the companies that are making history today has announced its Q2 earnings results. While the coronavirus is still a threat to the word, Pfizer is among those businesses that are believed to be a beneficiary in this unpleasant situation. At the current moment,  Pfizer is cooperating with BioNTech SE (NASDAQ: BNTX) to develop a safe and highly effective COVID-19 vaccine. And last week, it became know that the U.S. government entered a $1.95 billion deal with the companies for their vaccine. The deal presupposes the delivery of 100 million doses initially and 500 million doses later.

Pfizer reported Q2 revenues of $11.8 billion which demonstrates a 9% operational decline. In Q2 2019, the revenues of Pfizer reached $13.2 billion. Though the impact of the financial crisis is obvious, the figures managed to beat expectations.

Earlier experts forecasted that the company would $0.67 earnings per share while Pfizer sales would reach $11.6 billion in Q2. Just to compare, Pfizer earnings per share in Q1 were $0.80, while its sales reached $12 billion.

As for PFE stock, it managed to rise by over 15.2% this month which looks quite impressive. At the same time, in July, the S&P 500 index (INDEXSP: .INX) gained really 3%. Today in the pre-marker, PFE stock is 2.13% up, at $38.34.

Pfizer Reports Q2 Earnings Results amid Its Work on COVID-19 Vaccine, PFE Stock Up 2%