A person walks past the Pfizer building in New York City on March 25, 2021.
Carlo Allegri | Reuters
Pfizer on Wednesday said it sold $ 7.8 billion in Covid-19 vaccines in the second quarter and raised its sales forecast for the vaccine from $ 26 billion to $ 33.5 billion in 2021 as it rose the delta variant is spreading and scientists are debating whether people need booster injections.
The company’s financial results for the second quarter also exceeded Wall Street’s expectations for earnings and sales. According to Refinitiv’s average estimates, Pfizer has outperformed Wall Street expectations as follows:
- Adjusted earnings per share: $ 1.07 per share versus 97 cents per share expected
- Revenue: $ 18.98 billion versus $ 18.74 billion forecast
Pfizer expects adjusted profit before tax for the vaccine in the high 20 percent range of sales.
The company now expects full year earnings of $ 3.95 to $ 4.05 per share. That’s an increase from its previous range of $ 3.55 to $ 3.65 per share. The company expects sales of $ 78 billion to $ 80 billion, up from its previous estimate of $ 70.5 billion to $ 72.5 billion.
Pfizer shares were down 0.4% in pre-trading hours.
“The second quarter was remarkable in many ways,” said Albert Bourla, Pfizer CEO. “Most notably, the speed and efficiency of our efforts with BioNTech to vaccinate the world against COVID-19 have been unprecedented, with more than a billion doses of BNT162b2 now administered worldwide.”
Pfizer’s other businesses also saw strong sales growth. Revenue for the oncology unit increased 19% year over year to $ 3.1 billion. The company’s hospital division had sales of $ 2.2 billion, up 21% from the previous year. The internal medicine department grew 5% year over year to $ 2.4 billion.
Pfizer said earlier this month it was seeing signs of waning immunity induced by its Covid vaccine at German drug maker BioNTech and planned to ask the Food and Drug Administration to approve a booster dose. It also said it was developing a booster shot to target the Delta variant.
On slides released along with the findings report on Wednesday, Pfizer said it could potentially apply to the FDA for emergency approval for a booster dose as early as August. Clinical trials are expected to begin testing the Delta variant vaccine in the same month.
It expects full approval of its two-dose vaccine by January 2022.