The company that develops the coronavirus vaccine has announced its annual forecast and has named the month when the vaccine will be ready for use. They also answered what would happen next with the company's shares.
Pfizer shares fell after they announced the third quarter results.
Shares fell 4% to $0.7 and total quarterly profit fell to $2.2 billion. When we compare this year to last, we see a big difference.
Also, total quarterly income decreased and amounted to $12 billion.
In its report, the company noted sales growth of as much as 6% for lbrance. The total value of sales of the drug is $1.36 billion.
However, due to the coronavirus pandemics, quarterly income was reduced by $500 million as patients with other illnesses began to seek treatment less frequently.
Pfizer announced that it has paid $6.3 billion in dividends for the first 9 months of this year. The company also said that there are no share buy-backs planned this year.
Annual forecast of the company
The company changed its revenue forecast from $48.6 billion to $48.8 billion. Annual earnings per share were revised from $2.8 to $2.93.
Pfizer also decided to raise its research cost forecast for this year. Thus, from $8.6 billion to $9.1 billion.
The company said: "Yes, we plan to publish data on the complete safety of the coronavirus vaccine in late November this year".
They also noted that the vaccine is almost ready and is now in phase 3 of testing. Moreover, the number of volunteers for vaccine testing increased to 42,000.