PFIZER RAISES COVID VACCINE SALES FORECAST TO $36B FOR 2021

Wed 03 November 2021:

According to a financial statement filed Tuesday, Pfizer increased its revenue expectation for coronavirus vaccine sales to $36 billion for 2021.

Previous predictions for 2021 from the US pharmaceutical industry were $33.5 billion in July, and $26 billion and $15 billion in May and February, respectively.

According to the company, the increased revision in the sales projection is due to higher vaccine doses expected to be distributed in 2021, totaling an anticipated 2.3 billion globally.

The US Food and Drug Administration authorized Pfizer-COVID-19 BioNTech’s vaccination for children aged 5 to 11 on Friday, paving the path for millions more doses to be administered.

Pfizer saw its revenue increase 134% to $24.1 billion in the third quarter from $10.27 billion in the same period last year.

Its stock price was up 3.3% to $45.09 on the New York Stock Exchange.

Other rivals such as Moderna Inc and Johnson & Johnson have faced production snags, helping Pfizer extend its lead in signing supply deals with countries.

Pfizer is also rolling out booster doses of the vaccine, while waiting for the outcome of a U.S. regulatory meeting later in the day on using its shots in children aged five to 11.

The vaccine brought in sales of $13 billion in the third quarter. Analysts had expected $10.88 billion on average, according to seven analysts polled by Refinitiv.

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