Pfizer PFE Revenues Beyond First Quarter 2021 Forecast

Pfizer On Tuesday, it said it would apply to a German pharmaceutical company for full US approval of the Covid-19 vaccine. BioNTech At the end of this month. If approved by the FDA, the company will be able to sell the shot directly to consumers.

Pfizer said in its earnings report that Covid-19 vaccine sales were $ 3.5 billion in the first quarter, about 24% of quarterly sales. Its profits and profits exceeded Wall Street’s expectations.

According to the average estimate compiled by Refinitiv, Pfizer compared Wall Street’s expectations to:

  • Adjusted EPS: 93 cents per share vs. expected 77 cents
  • Revenue: $ 14.58 billion vs. $ 13.51 billion forecast

The company now expects annual revenue from vaccines to be $ 26 billion, up from previous forecasts of about $ 15 billion. Adjusted pre-tax profit is expected in the high range of 20% of vaccine revenue.

Pfizer shares rose 1.3% in pre-market transactions.

“Based on what we’ve seen, we believe that the lasting demand for Covid-19 vaccines, similar to the flu vaccine, is probably the result,” Pfizer CEO Albert Bourla told investors. Said in.

Revenues from Pfizer’s oncology, internal medicine, hospitals and rare disease sectors increased by double digits during the quarter, according to earnings reports. The company’s inflammation and immunology division had sales of approximately $ 1 billion, up 9% year-on-year.

Pfizer reported double-digit sales growth for many anti-cancer drugs, including Inrita, Bosriff and Robrena.

The company received US approval for the Covid vaccine in late December. Since then, Pfizer has distributed millions of doses to the United States with the goal of 300 million doses by the end of July.

Usually you need the Food and Drug Administration Almost a year or more To determine if the drug is safe and effective for use by the general public. Due to a once-in-a-century pandemic that killed nearly 600,000 people in the United States, the FDA has licensed shots under an emergency use authorization.

Approval grants conditional approval based on two months of data. This is not the same as the Biologic License Application, which requires 6 months of data and ensures full approval.

The company also said it plans to apply to the EUA for booster shots that can protect it from Covid variants in late July, according to a slide presentation accompanying the company’s earnings announcement. We plan to apply for approval of vaccines for infants and toddlers in September and for infants in November.

We also expect vaccine safety data for pregnant women in late July.

On April 1, Pfizer and BioNTech announced that new data from clinical trials showed that double-dose vaccines were safe and more than 91% effective six months after the second vaccination. At the time, Pfizer CEO Albert Bourla said the new data would position the two companies to “submit a Biologics License Application to the US FDA.”

Once the vaccine is fully approved, Pfizer and BioNTech will be ready to advertise the shot directly to consumers and change prices. You can also leave shots on the market after the pandemic is over and the United States is no longer considered an “emergency”.

Pfizer PFE Revenues Beyond First Quarter 2021 Forecast

Source link Pfizer PFE Revenues Beyond First Quarter 2021 Forecast

Back to top button