Pfizer reported that profits and sales more than doubled last quarter, and it raised its full-year results forecast, thanks to its COVID-19 vaccine.
The company reported adjusted earnings of $7.7 billion, up 133% from the previous year. Revenue jumped to $24.1 billion, up 134%. Both results are easily scanned by analysts.
The vaccine segment alone was responsible for more than 60% of the company’s sales, with vaccine revenue rising to $14.6 billion from just $1.7 billion the previous year. The company said its sales of COVID-19 vaccines made up $13 billion of that revenue. Revenue outside the COVID-19 vaccine segment was 7% more modest.
This year, the COVID-19 vaccine generated $24.3 billion in revenue. Pfizer said it expects a total of $36 billion from the vaccine for the whole of 2021 — nearly an additional $12 billion in revenue in the last quarter of the year. And it said, based on the contracts it has now signed, it expects to generate $29 billion in revenue from a COVID-19 vaccine in 2022. And that’s not necessarily all it will achieve.
“We continue to communicate with governments about potential additional orders for 2022,” the company said.
The company said it now expects full-year 2021 revenue to be between $81 billion to $82 billion, $2 billion more than its previous guidance.
It also raised its earnings per share forecast by about 3% to 5% higher than it expected to earn.
“While we are proud of our financial performance, we are even more proud of what these financial results represent in terms of the positive impact we are having on human lives around the world,” CEO Albert Burla said in his prepared remarks to investors.
About 67% of the total US population has received at least one dose of the Covid vaccine, and 58% are fully vaccinated, according to data tracked by the Mayo Clinic. So there are still large vaccination doses that can be given, especially to children, many of whom are still not authorized to receive the vaccine.
The U.S. Food and Drug Administration on Friday granted emergency use authorization for Pfizer’s COVID-19 vaccine for children ages 5 to 11. Final approval of the pediatric vaccine is left to the Director of the Centers for Disease Control, Dr. Rochelle Wallinsky. The Centers for Disease Control and Prevention’s vaccine advisory committee is scheduled to meet on Tuesday, and younger children can start getting the vaccine within days.