Health News

Open Society Foundations (OSF) Award $1.1 Million Grant to Afrobarometer to Spur Future GrowthRead more The annual Global Impact Conference 2022 brings together visionary business leaders to revolutionize educational systems and inspire collaborative actionRead more APO Group announces content partnership with Pan-African broadcaster VoxAfricaRead more MainOne, an Equinix Company’s MDXi Appolonia Achieves Tier III Constructed Facility certification (TCCF), Now Most Certified Data Center in GhanaRead more United Nations High Commissioner for Refugees (UNHCR) warns rising tide of hunger, insecurity, and underfunding worsening gender-based violence risksRead more The Royal Thai Embassy presents the cultures of Thailand at the Association of Southeast Asian Nations (ASEAN) Festival in KenyaRead more Climate change is the biggest global threat, young people in Africa and Europe tell European Investment Bank (EIB), Debating Africa and Debating EuropeRead more $2 million in prizes awarded at Conference of the Parties (COP27) to African youth-led businessesRead more Africa and Europe’s top business and public sector leaders gather to chart Africa’s economic rebirthRead more The Thai delegation’s active participation at the 145th Assembly of the Inter-Parliamentary Union (IPU) in KigaliRead more

Pfizer lifts 2022 forecast for Covid-19 vaccine sales as profits rise

show caption
Pfizer lifted its full-year forecast for Covid-19 vaccine sales as it reported higher profits./AFP
Print Friendly and PDF

Nov 02, 2022 - 08:32 AM

NEW YORK — Pfizer reported higher quarterly profits Tuesday as it lifted its full-year forecast for coronavirus vaccine sales and predicted Covid-19 would yield billions more in revenues for the forseeable future.

The big US drugmaker now expects 2022 sales of the Comirnaty Covid-19 vaccine of $34 billion, up $2 billion from the prior outlook.

Pfizer maintained its projection of $22 billion in annual sales for its Paxlovid therapeutic for Covid-19.

More than two years into the pandemic, Chief Executive Albert Bourla predicted revenues for Covid-19 products would persist even though they are likely to fall from their 2022 levels.

“We believe our Covid-19 franchises will remain multi-billion revenue generators for the forseeable future, which should serve as a buffer for any unforeseen challenges with other products in our portfolio,” Bourla said in prepared remarks.

The most recent quarter included an 83 percent surge in Covid-19 vaccine revenues in the United States, driven by deliveries of the latest booster shot for the Omicron BA.4/BA.5-adapted bivalent vaccine.

Overall, Pfizer reported profits of $8.6 billion in the third quarter, up six percent from the year-ago period on a six percent drop in revenues to $22.6 billion.

Bourla said Pfizer was on track to launch up to 19 new products in the next year and a half. He highlighted potential “blockbuster” products for respiratory syncytial virus (RSV), Ulcerative colitis and Migraine.

Bourla said the product pipeline should alleviate “understandable” questions about Pfizer’s growth potential in the 2025 to 2030 given the loss of some $17 billion in revenues due to patent expirations.

Shares of Pfizer rose 3.5 percent to $48.20 in pre-market trading.

MAORANDCITIES.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.