Pfizer (NYSE: PFE) disclosed better-than expected earnings and revenue Wednesday after having sold USD7.8 Billion in Covid-19 vaccines throughout the second quarter. Due to the continued spread of the delta variant, the company raised its sales outlook for vaccines to USD33.5 Billion, up from its previous estimate of USD26 Billion. Shares rose 2.5% during intraday trading.
The multinational pharmaceutical reported earnings of USD1.07 per share, compared to the anticipated USD0.97 a share. Revenue amounted to USD18.98 Billion, higher than analysts expected USD18.74 Billion. Pfizer expects an adjusted pretax profit in the 20% range of revenue for the shots.
According to Pfizer, over 1 billion doses of its Covid-19 vaccine have been distributed worldwide. Additionally, the emerging variants may require a third booster dose, which would definitely increase the amount of doses of the vaccine that the company sells.
Pfizer forecasts full-year earnings of USD3.95 to USD4.05 a share, an increase from its previous range between USD3.55 to USD2.65 per share. Furthermore, it anticipates revenue will reach anywhere from USD78 Billion to USD80 Billion, compared to it’s prior estimate of USD70.5 Billion to USD72.5 Billion.
“The second quarter was remarkable in a number of ways,” Pfizer CEO Albert Bourla said in a statement. “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.”
The company anticipates full FDA approval of its two-dose vaccine by January of 2022.