Vaccine Sales Lift Pfizer Quarterly Financial Results

Pfizer Co., Ltd.

PFE 0.30%

This year’s sales forecast for the Covid-19 vaccine has been raised to approximately $ 26 billion. This is an increase of 73%, reflecting Shot’s growing role in long-term global vaccination campaigns.

World wide Demand for Covid-19 vaccine Pfizer CEO Albert Bourla said in a conference call with analysts Tuesday that it would remain effective for at least a few years as people try to maintain protection as the virus spreads. Booster shots may be needed Bula said at least six months have passed since the vaccination and will continue every year thereafter.

Given that the push to get shots in the arms of people around the world has been shaped as a long-standing process with many challenges, the demand for vaccines can still accelerate, Especially in poor countriesSaid Mr. Bula. Although the United States vaccinates more than 40% of the adult population, many other parts of the world are still in the early stages of vaccination.

Rapid increase in coronavirus infection In developing countries such as India With a relatively short supply of vaccines The pandemic will continue until mid-2022According to Uğur Shahin, CEO of

BioNTech SE,

BNTX -15.33%

We co-developed Pfizer’s Covid-19 vaccine.

Demand for vaccination is showing signs of leveling off in the United States, health officials say. CVS Health Co. said Tuesday that there is demand for the Covid-19 vaccine Reduced by about 30% Recently, the hesitation of Americans to receive shots outweighs the expansion of qualifications and access.

Biden administration said that Start reassignment Demand for shots is high as the president aims to inoculate 70% of the adult population at least once by July 4, to states that are instructing pharmacies to provide walk-in vaccination. Some Covid-19 vaccinations.

Pfizer said Tuesday that it is working to make double-dose shots easier for vaccinated people to manage and store.We have also started research on updated versions of the vaccine. The first dangerous variant identified in South Africa..

The Pfizer vaccine is the most administered of the three Covid-19 vaccines approved for use in the United States and is becoming increasingly available worldwide. Pfizer raised its vaccine sales forecast from $ 15 billion earlier this year as more countries signed supply agreements in their global vaccination efforts.

“I couldn’t be proud of how Pfizer started in 2021,” Bula told analysts.

According to Pfizer, the two doses contributed $ 3.5 billion to the company’s total revenue of $ 14.6 billion over the first three months of the year.

Analysts warned that it is unclear how long Pfizer, which will split the sale of the Covid-19 vaccine with BioNTech, will remain profitable at such a high level.

Pfizer has begun testing the Covid-19 vaccine in children aged 6 months to 11 years. In this video, some of the first recipients (twin sisters in North Carolina) have been vaccinated. Photo: Shawn Rocco / Duke Health (Video from 3/25/21)

In an interview, Bula said people would probably receive booster shots of the original vaccine, as opposed to targeting variants that Pfizer said had begun testing while the test was in progress. .. He said it was because the mutant had not been shown to evade the vaccine.

“It doesn’t look like we need it, but we’re testing it just in case,” he said of the updated vaccine. Pfizer expects the first findings in July.

Pfizer and BioNTech have shipped more than 430 million doses to more than 90 countries. Pfizer said these and other countries have already lined up to increase Pfizer’s supply since 2021. The company said it has signed a contract with Israel to supply millions of doses next year and a contract with Canada to supply up to 125 million doses in 2022 and 2023.

The increase in Covid-19 cases in India and elsewhere Call for suspension of intellectual property restrictions About vaccines that help promote additional production. In an interview, Mr. Bula said such a request “doesn’t make sense” because doing so does not result in higher doses. “That’s very wrong.”

He said the limited number of doses reflected the fact that there were no approved products using the new gene-based mRNA technology in the Pfizer-BioNTech vaccine prior to the pandemic. Since the beginning of the pandemic, Pfizer has been working on production gaps. “No one can start from scratch and do more within a year,” he said of Pfizer. He said dictating patent sharing would discourage biotech companies from developing products for the next pandemic.

Pfizer said it sells vaccines to low-priced or low- and middle-income countries at low prices to increase doses to other parts of the world. Many of these countries have shown interest very recently, he said, with about one-third of this year’s doses destined for poorer countries. In an interview, Mr. Bula said supply in developed and developing countries was more balanced by the end of the year.

The Pfizer-BioNTech vaccine is not licensed in India. Bula said in an analyst’s call that the government had asked Pfizer to conduct additional investigations on-site after the drug company applied for regulatory approval a few months ago. Pfizer wasn’t ready to comply at the time, given that it was spending resources researching variants and whether vaccines would work for children. Mr Bula said he hopes India will change its research requirements “to be able to provide vaccines.”

Pfizer’s Covid-19 vaccine sales in 2021 could exceed the $ 26 billion forecast. This reflects the 1.6 billion doses of contracts the company offers. Pfizer and BioNTech say they can administer up to 2.5 billion doses this year and at least 3 billion doses next year.

If the projected vaccine sales are achieved, the Pfizer-BioNTech vaccine will be ranked as one of the best-selling medicines in history.In recent years, the best-selling prescription drugs in the world

AbbVie Of a corporation

AbbVie -0.68%

Fumira, an anti-inflammatory drug that sold nearly $ 20 billion in 2018.

Pfizer said this month it asked the US Food and Drug Administration for full approval of the Covid-19 vaccine for people over the age of 16, which would allow the company to sell the vaccine directly to the general public. The FDA approved the shot in an emergency in December because of the urgency of the pandemic and the need to collect at least 6 months of data on subjects from a critical study of 44,000 people.

Pfizer said he was looking forward to the first results of a study assessing whether it would be wise to give people a third dose of the vaccine in July. The company said it plans to seek an emergency permit for additional doses later that month.

Pfizer said it is working on ways to make the vaccine more accessible and manageable, and will request the United States to approve a “ready-to-use” format in August that eliminates the need to mix the vaccine with diluents. .. This change allows vaccines to be stored at warmer temperatures, which may be useful for smaller rural vaccination sites.

Write to Jared S. Hopkins at And Matt Grossman

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Vaccine Sales Lift Pfizer Quarterly Financial Results

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