2 min read.Updated: 02 Nov 2021, 06:06 PM ISTMATT GROSSMAN, The Wall Street Journal
Shot’s $13 billion revenue was single biggest contributor to firm’s more-than-doubled 3rd quarter sales of $24.09 billion
Pfizer Inc. raised its forecast for sales of its Covid-19 vaccine this year to about $36 billion, a roughly 7% boost from previous guidance.
The estimate reflects planned deliveries of about 2.3 billion vaccine doses this year, Pfizer said Tuesday. It comes alongside efforts by Pfizer, which created the vaccine with BioNTech S.E., to gain regulatory approval for booster doses and for the vaccine’s use in younger children.
Revenue from the vaccine of $13 billion was the single biggest contributor to Pfizer’s third-quarter revenue of $24.09 billion, which more than doubled year over year.
Excluding the vaccine, sales of Pfizer’s other drugs rose by 7%.
Stripping out one-time items, the company’s adjusted third-quarter profits were $1.34 a share. Wall Street analysts had been forecasting $22.58 billion in revenue and adjusted earnings of $1.08 a share.
Of the 192.5 million Americans who have been fully vaccinated, about 55% got Pfizer shots. Most of the rest were vaccinated with another mRNA vaccine developed by Moderna Inc.
Pfizer has also distributed the vaccine widely abroad. More than 75% of the revenue it has recorded from the vaccine through the third quarter was from international sales, Chairman and Chief Executive Dr. Albert Bourla said.
Last week, Pfizer’s vaccine became the first in the U.S. authorized for children as young as 5 years old. Like adults, children will be given the vaccine in two shots, although each will contain one-third of the adult dose.
Moderna won’t seek approval for its vaccine’s use in young children until the Food and Drug Administration clears the shots for teenagers, the company said over the weekend. The FDA’s decision on that may be delayed until January as the agency evaluates the risks of side effects. Pfizer’s shot has already been approved for teenagers.
U.S. regulators have cleared boosters for people vaccinated with the Pfizer-BioNTech vaccine at least six months after their second dose, as long as they are seniors or at high risk because of underlying medical conditions or their workplace. The regulators have since broadened availability of boosters to people who received Moderna or Johnson & Johnson.
Pfizer also raised its overall financial guidance for the year, forecasting sales of $81 billion to $82 billion, and adjusted earnings of $4.13 a share to $4.18 a share. It attributed the increase to both vaccine and non-vaccine momentum.