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Pfizer raised its sales forecast for 2021 during its financial report

3 November 2021
2858
2 min.
4
Pfizer raised its sales forecast for 2021 during its financial report

2021 outlook

Pfizer (PFE) shares rose sharply by 4% on Tuesday after the company beat analysts' Q3 revenue and earnings estimates and raised its sales forecast for 2021. Pfizer investors are encouraged by expected sales of booster doses of COVID-19 vaccines and vaccines for children in the US.

Pfizer (PFE) shares, up 23.5% YTD and 32.4% over the past year, surged 4.15% on Tuesday. This was their biggest daily gain since August.

Shares in BioNTech (BNTX), Pfizer's partner in developing and producing vaccines against COVID-19, were up 5.5%. For both companies' shares, the rise could be a good sign of recovery from last quarter's slump.

Pfizer on Tuesday reported third-quarter 2021 earnings per share growth of 90% to $1.37, $0.29 better than analysts' estimate of $1.08. Quarterly sales revenue doubled to $24.1 billion, up from a forecast of $22.68 billion.

The increase was driven by sales of covid-19 vaccines, which accounted for $13 billion. Other Pfizer companies continued to grow, with sales of the crown virus vaccine the only exception, up 7% to $11.1 billion.

Pfizer raised its 2021 COVID-19 vaccine sales forecast to $36 billion, exceeding its previous forecast of $2.5 billion.T he company said it plans to ship the 2.3 billion vaccine doses planned for this year.

Pfizer's potential revenue from covid-19 vaccine sales in 2022 is likely to be lower than in 2021, but investors expect the company to do well selling booster and pediatric vaccines.

Pfizer's COVID-19 vaccine was the first to be approved by US authorities for use in children aged 5 to 11 years. Pfizer's latest study found its vaccine to be 90.7% effective in preventing Covid in children. The US has already purchased 115 million paediatric doses of Pfizer-BioNTech vaccine, more than enough to vaccinate every child in the country.

Pfizer Chief Scientific Officer Mikael Dolsten admitted that his company may have an advantage in the market for injections for teenagers and children, as a vaccine from competitor Moderna (MRNA) "may not be available for young people anytime soon".

Dolsten also noted that Pfizer is expecting preliminary study results for its experimental Covid pill this quarter, however, the research "will continue until mid-2022".

Persons1 and Companies3 in the news

Chief Executive Officer of Pfizer
1 place
BioNTech
1 place
Moderna
2 place
Pfizer
3 place
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