Tuesday, April 23, 2024

Pfizer expects $ 15 billion in revenue from Covid vaccines this year

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Pfizer expects around $ 15 billion in revenue this year from its Covid-19 vaccine developed with BioNTech, and has raised its forecast for 2021 as it receives approval for the first vaccine in the west.

The disclosure marks the first time the US drugmaker has revealed its vaccine sales expectations. He said the number could increase as he signs no more contracts.

Pfizer forecasts a profit margin in the 1920s as a percentage of sales for the Covid-19 vaccine, based on the jab’s adjusted pre-tax income, which could exceed $ 4 billion. He shared the costs and benefits on the vaccine 50/50 with BioNTech.

For 2021, Pfizer estimates adjusted diluted earnings per share to be between $ 3.10 and $ 3.20, compared to an initial forecast of $ 3 to $ 3.10. The company said it projected full-year revenue of between $ 59.4 billion and $ 61.4 billion, in its first forecast for 2021.

Albert Bourla, chief executive of Pfizer, said the Covid-19 vaccine shows the company’s ability to act quickly and use “cutting-edge science,” justifying its strategy to reduce the size of the company and focus on innovation.

“Our record success in developing a vaccine against Covid-19, with our partner BioNTech, is just one example of what we believe this new Pfizer is capable of accomplishing,” he said. .

In the fourth quarter, Pfizer exceeded revenue expectations, driven by strong sales of cardiovascular and cancer drugs, as well as its pneumonia vaccine, which benefited from additional demand due to the pandemic of Covid-19. Revenue increased 12% year on year to $ 11.7 billion, above consensus forecast of $ 11.4 billion

But it missed the analysts’ average estimate for earnings per share of 48c, returning 42c, a 14 percent increase from the same period a year earlier.

The Covid-19 vaccine brought in $ 154 million in the three months to the end of the year, after receiving emergency use authorizations in the US, UK and the EU in December.

Results and forecast exclude its Upjohn unit, like Pfizer closed the merger of the generics business with Mylan during the quarter.

Shares of Pfizer were down 0.2 percent pre-trade in New York.

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