Business

Pfizer forecasts $33.5 bn profit in 2021, exceeding expectations

23:21, 28 July 2021
Pfizer forecasts $33.5 bn profit in 2021, exceeding expectations Photo: U.S. Secretary of Defense/flickr.com

Data show that the company sold almost $8 bln worth of shots in the second quarter.


On Wednesday Pfizer announced that it had sold $7.8 bln in COVID jabs in the second quarter, raising annual predictions to $33.5 bln from $26 bln.

The results are higher than expected not only by the company but also by Wall Street.

As for the revenue, its new range is set between $78 bln and $80 bln, increasing from the previous $70.5-72.5 bln.

“The second quarter was remarkable in a number of ways. Most visibly, the speed and efficiency of our efforts with BioNTech to help vaccinate the world against COVID-19 have been unprecedented, with now more than a billion doses of BNT162b2 having been delivered globally,” Pfizer CEO Albert Bourla said in a statement.

The growth is explained by fears over the contagious Delta type of COVID and the possibility that vaccination might become three-staged.

During a conference call on Wednesday, Pfizer officials said they still believe that a third shot will be required within 12 months to keep its decent level of protection against coronavirus. They indicated that it might even happen earlier, taking into account the surging number of Delta infections.

The company along with BioNTech, Germany, have announced that they launched research to target the Delta type.

 The firm benefits not only from vaccines. Its oncology branch rose by 19%, the internal medicine unit grew by 5%.