Pfizer on Tuesday raised its revenue and profit forecasts for 2021, citing far higher Covid-19 vaccine sales as a “durable” revenue source.
The drugmaker, which is working on a series of programs to extend vaccines to new populations and include booster shots, currently expects $26 billion in vaccine sales in 2021, up from $15 billion previously.
Pfizer currently expects earnings of $3.55 to $3.65 per share for the year, up 45 cents from the previous forecast.
Covid-19 vaccines are expected to have “durable market” close to the flu vaccine, according to CEO Albert Bourla.
The organization is increasing capacity for the shoots, which were produced in collaboration with BioNTech of Germany.
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In prepared remarks ahead of a conference call later Tuesday, Bourla said, “It is our dream that the Pfizer-BioNTech vaccine will begin to have a global effect by helping to get the catastrophic pandemic under control and helping markets around the world not only open — but remain open.”
According to him, this will build a situation under which Pfizer would remain both a champion and a beneficiary.
Pfizer’s net income was $4.9 billion, up 45 percent from the previous year’s same stretch.
In addition, revenue increased by 45 percent to $14.6 billion, including $3.5 billion in Covid-19 vaccine revenues.
Under contracts signed through mid-April, Pfizer plans to produce 1.6 billion doses this year.
Non-vaccine drugs performed “solidly” according to the company’s figures. Eliquis, which is used to reduce blood clots, and Xeljanz, which prevents rheumatoid arthritis and other illnesses, also saw higher prices.
Pfizer, like other Covid-19 vaccine manufacturers, produced the variant at a breakneck pace. The corporation is working on getting clearance in the United States to give shots to children aged 12 to 15, and is even looking at giving the doses to healthy children aged six months to eleven years old.
Pfizer is now testing a third dose of the drug against current Covid-19 variants to “understand the efficacy of a booster.”
The drugmaker announced that it had signed agreements with Israel to supply millions of doses in 2022, as well as with Canada to supply 125 million doses in 2022 and 2023, with rights to extend into 2024.
With the United States and the European Union, the organization and its partner BioNTech have substantial supply deals.
Pfizer and BioNTech are on track to greatly increase vaccine production in Puurs, Belgium, after logistical issues in Europe.
Pfizer and BioNTech had sent about 430 million doses of the vaccine to 91 countries as of May 3.
The corporation is expanding production and plans to produce at least three billion doses in 2022, up from the current estimate of 2.5 billion in 2021. Pfizer said in February that it expects to deliver up to two billion doses in 2021.
In pre-market trade, Pfizer stock gained 0.8 percent to $40.13.