By Natalie DeCoste
The COVID pandemic has hit a lot of businesses hard, but Pfizer is not one of them.
The company announced that it expects its COVID-19 vaccine to generate about $26 billion in sales this year. Pfizer plans to deliver 1.6 billion doses in 2021 under signed contracts as of mid-April 2021.
“I am extremely proud of the way we have begun 2021, delivering strong financial results in the first quarter…In addition, we have achieved important clinical, regulatory, and commercial milestones across our pipeline and portfolio while also continuing to increase our capacity to supply urgently-needed doses of BNT162b2 to the world. Each of these accomplishments further demonstrates our commitment to Pfizer’s purpose: Breakthroughs that change patients’ lives,” said Dr. Albert Bourla, Chairman and CEO of Pfizer.
For the first quarter of 2021, Pfizer reported $14.6 billion in revenue, representing 42% Operational Growth. This does not include the $3.5 Billion in revenue from the vaccine alone. The expected revenue for the quarter was $13.51 billion.
Pfizer expects global demand for its vaccine to remain for at least several years. Several health experts, including Dr. Anthony Fauci, have left open the possibility that annual booster shots may be needed to maintain protection.
“I believe by the time we get to the end of the summer and the beginning of the fall, we’ll have a pretty good idea of whether we definitely or not need to give people boosts and when we need to give it to them,” Fauci said.
Currently, the Pfizer COVID-19 vaccine is the most administered of the three COVID-19 vaccines cleared for use in the U.S.
To date, Pfizer and BioNTech have shipped more than 430 million doses of the vaccine to more than 90 countries. The company also reports that countries are already lining up for more Pfizer vaccine supplies beyond 2021. Pfizer said it has entered into supply agreements with Israel to supply millions of doses next year and with Canada to supply up to 125 million doses in 2022 and 2023.
“I am very happy with the performance of all of our therapeutic areas this quarter. Multiple innovative and biosimilar products across our portfolio delivered growth, demonstrating the strength of our business and the depth and breadth of our growth drivers,” said Frank D’Amelio, Pfizer’s CFO and Executive Vice President, Global Supply.
Analysts surveyed by FactSet forecasted an adjusted profit of 78 cents a share on sales of $13.62 billion. The company will maintain its dividend for the second quarter of 2021 at the current level. This will make 2021 the 12th year in a row Pfizer saw a dividend increase.
In other major news for the company, it is expected to file for full U.S. approval of its COVID-19 vaccine with German drugmaker BioNTech at the end of this month with the FDA. Should the vaccine receive approval, Pfizer will be able to market the shot directly to consumers and keep it on the market even when the pandemic ends.
