Pfizer update

Pfizer raised its full-year revenue forecast for the coronavirus vaccine by nearly a third, after the vaccine helped the drugmaker almost double its sales in the second quarter.

The American group that sells the widely used Covid-19 vaccine together with Germany’s BioNTech raised its revenue forecast for 2022 to US$33.5 billion from US$26 billion in the previous quarter.

The group said on Wednesday that sales in the second quarter rose 92% to 18.98 billion U.S. dollars, while earnings per share rose 58% to 98 cents.

The group and BioNTech shared the sales profits of Covid-19 on average, generating $7.8 billion in direct sales from vaccines.

Chief Executive Albert Bourla stated that the second quarter was “excellent in many ways.”

More than 1 billion doses of vaccines have been delivered worldwide. Pfizer said that excluding the impact of vaccines, its overall business sales increased by 10%. The drugmaker raised its full-year sales guidance from the previous quarter’s estimate of 72.5 billion US dollars to 78 to 80 billion US dollars.

Pfizer said that according to the contract signed as of mid-July, it is expected to provide 2.1 billion doses of drugs by 2022. Some countries have begun to order boosters, but scientists and regulators still disagree on whether they need them.

The company’s New York-listed stock rose 0.8% in premarket trading.

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