NEW YORK – Pfizer sharply increased its projection this year for revenues tied to its Covid-19 vaccine yesterday, forecasting the delivery of 500 million more doses compared with earlier expectations.
The United States (US) drugmaker, which has partnered with Germany’s BioNTech on the vaccine, estimates delivering 2.1 billion doses, generating US$33.5 billion (RM141 billion) in sales. Its forecast in May was for US$26 billion in sales.
Pfizer also lifted its full-year profit outlook and expected range for revenues this year.
Chief executive Albert Bourla said more than a billion doses of the vaccine have been delivered, adding that “the efficiency and speed of our efforts with BioNTech to help vaccinate the world against Covid-19 have been unprecedented”.
Pfizer said the pre-tax profit margin on the Covid-19 vaccine sales is in the “high-20s” in terms of per cent, the same as the earlier forecast.
It reported second-quarter profits of US$5.6 billion, up 59% from the year-ago period, and 92% increase in revenues to US$19 billion.
It has also launched clinical studies on a possible third dose of the vaccine as a booster shot.
Bourla said such boosters could amount to a “durable” revenue stream for the company.
US health officials have yet to back a third shot for the broad population, but officials are studying the need for a third shot in immunocompromised people.
Shares of Pfizer declined 0.5% to US$41.88 in pre-market trading. – AFP, July 29, 2021
