NEW YORK: Pfizer sharply increased its projections for 2021 revenues and profits on Tuesday, citing much higher Covid-19 vaccine sales as it targets the inoculations as a “durable” revenue stream. The drugmaker, which has a number of projects to expand vaccinations to additional populations and to provide booster doses, now estimates 2021 revenues of $26 billion from the vaccine, up from $15 billion previously.
Pfizer now sees profits of between $3.55 and $3.65 a share for the year, an increase of 45 cents from the previous estimate. Chief Executive Albert Bourla expects “durable demand” for Covid-19 vaccines, similar to that of the flu vaccine.
The company is ramping up capacity for the shots, which were developed with German company BioNTech. Pfizer reported net income of $4.9 billion, up 45 percent from the same period of the prior year.
Revenues also jumped 45 percent to $14.6 billion, including $3.5 billion in Covid-19 vaccine sales. Pfizer expects to deliver 1.6 billion doses this year under contracts signed through mid-April.
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