Pfizer Inc. has increased its forecast for Covid-19 vaccine sales this year and said it expects stronger earnings for the full year than it previously anticipated. The New York drug maker said Tuesday it now sees $26 billion in vaccine sales in 2021, up from $15 billion, and adjusted earnings per share of $3.55 to $3.65, up from $3.10 to $3.20 previously.
Pfizer said it expects to deliver 1.6 billion doses of its Covid shot this year under contracts signed as of mid-April. It said it sees having capacity to manufacture at least 3 billion doses in 2022. Pfizer’s two-shot vaccine is one of three used in the U.S.; clearance for children age 12 to 15 is expected soon.
Excluding the vaccine, Pfizer’s core drug business showed significant growth, leading it to raise revenue guidance specific to that portfolio by $200 million for the year. The results were stronger than some rivals who saw sales suffer in the first quarter after a new surge in U.S. virus cases.
Overall, revenue in the quarter was $14.58 billion, stronger than the $13.62 billion that analysts had expected on average, according to data compiled by Bloomberg. First-quarter adjusted earnings per share were 93 cents, up 47% from 63 cents a year ago.
Earnings Per Share Forecast
Shares of Pfizer were up 1.1% in premarket trading in New York on Tuesday. Through the close of trading on Monday, Pfizer had gained 8.2% this year. On average, analysts forecast that PFE’s EPS will be $3.30 for 2021, with the lowest EPS forecast at $3.17, and the highest EPS forecast at $3.50. On average, analysts forecast that PFE’s EPS will be $3.03 for 2022, with the lowest EPS forecast at $2.49, and the highest EPS forecast at $3.55.
About Pfizer
Pfizer Inc. is an American multinational pharmaceutical corporation founded in 1849 by two cousins Charles Pfizer and Charles F. Erhart, who had immigrated to the United States from Ludwigsburg, Germany, the year before.
The business produced chemical compounds, and was headquartered in New York City at Bartlett Street in Williamsburg, New York, where they produced an antiparasitic called santonin. This was an immediate success, although it was the production of citric acid that led to Pfizer’s growth in the 1880s.
Pfizer, named after its co-founder Charles Pfizer is currently headquartered on 42nd Street in Manhattan, New York City. It is named after its co-founder, Charles Pfizer. Pfizer develops and produces medicines and vaccines for immunology, oncology, cardiology, Endocrinology, and neurology.
In 2020, the company had seven blockbuster drugs or products that each realized more than $1 billion in revenues: Prevnar 13, a pneumococcal conjugate vaccine, which had $5.8 billion in 2020 revenues; Ibrance for treatment of breast cancer, which had $5.4 billion in 2020 revenues; Eliquis to treat and prevent venous thrombosis and to prevent stroke in people with nonvalvular atrial fibrillation, which had $4.9 billion in 2020 revenues; Xeljanz to treat rheumatoid arthritis, psoriatic arthritis, and ulcerative colitis, which had $2.4 billion in 2020 revenues; Enbrel to treat autoimmune diseases, which had $1.4 billion in 2020 revenues; Xtandi to treat prostate cancer, which had $1.0 billion in 2020 revenues; and Vyndaqel to treat familial amyloid polyneuropathy, which had $1.3 billion in 2020 revenues.
