NEW YORK – Pfizer sharply increased its projections for 2021 revenues and profits on Tuesday, citing much higher sales from its Covid-19 vaccine sales.
The drugmaker now estimates 2021 revenues of $26 billion from the vaccine, up from $15 billion previously and reflecting 1.6 billion doses expected to be delivered this year under contracts signed through mid-April.
Pfizer now sees profits of between $3.55 and $3.65 per share for the year, up 45 cents from the previous range.
As with other Covid-19 inoculations, Pfizer developed its vaccine at an exceptionally fast pace and is currently studying additional populations who could receive it. This includes research into providing the shots to healthy children six months to 11 years old.
Pfizer is also researching booster shots for the vaccine that could come six months or later after the prior shot.
Net income rose 45 percent to $4.9 billion.
Revenues also jumped to $14.6 billion, including $3.5 billion in Covid-19 vaccine sales.
The drugmaker said it reached agreements with Israel to supply millions of doses in 2022, and with Canada to supply 125 million doses in 2022 and 2023.
The company and partner BioNTech also have significant supply agreements with the United states and the European Union.
As of May 3, Pfizer and BioNTech have shipped about 430 million doses of the vaccine to 91 countries around the world.
Shares rose 1.7 percent to $40.49 in pre-market trading.