Pfizer PFE This autumn 2020 outcomes fell wanting expectations, however gross sales exceeded expectations
Pfizer expects to sell around $ 15 billion worth of coronavirus vaccine doses this year, the company said when it released its fourth quarter earnings on Tuesday.
This year, sales are forecast to be between $ 59.4 billion and $ 61.4 billion.
The company also raised its full-year earnings forecast from $ 3.10 to $ 3.10 to $ 3.20, citing “additional improvements” to its forecast for vaccine sales.
According to Refinitiv’s average estimates, Pfizer performed in the fourth quarter compared to Wall Street expectations.
- Adjusted EPS: 42 cents compared to 48 cents expected.
- Revenue: $ 11.68 billion versus $ 11.43 billion expected.
Revenue rose 12% from $ 10.44 billion in the same quarter last year to $ 11.68 billion – better than analysts expected.
Pfizer shares were down around 3% in morning trading.
“As a company, we have seen the culmination of decades in Pfizer’s transformation into a pure science and innovation-driven company,” said CEO Albert Bourla in a press release. “Our ability to move forward quickly and use the latest science to address the world’s major medical challenges has been tested by the COVID-19 pandemic.”
The company’s Covid-19 vaccine, which it makes together with German partner BioNTech, was the first to be approved for emergency use in the United States
Pfizer, like other Covid vaccine manufacturers, is struggling to meet demand for shots which, hopefully, will help end the pandemic. Recently, the French pharmaceutical company Sanofi was asked for help with the manufacture of cans.
In slides released ahead of the earnings call, Pfizer plans to ship 200 million doses of its coronavirus vaccine to the US by May, earlier than originally forecast in July.
The company also said it could potentially ship 2 billion doses globally by the end of this year as healthcare providers can extract an additional sixth dose of the vaccine from the vials. In December, the Food and Drug Administration announced that additional doses from vials could be used after the doses were discarded due to labeling confusion.
The company also said Tuesday it would be “ready to act” if a variant of Covid shows evidence that it is evading its vaccine. In recent weeks, U.S. health officials, including Dr. Anthony Fauci, raised concerns that vaccines currently on the market may not be as effective against new, more contagious strains of the virus.
Novavax said Thursday its vaccine was only 49% effective against B.1.351, the highly contagious strain found in South Africa. Johnson & Johnson also said its vaccine was less effective against the strain, and on Friday said its one-time vaccine was 66% effective overall, but only 57% against the strain in South Africa.
A study conducted by Pfizer found that the new, highly contagious strains in the UK and South Africa had little impact on the vaccine’s effectiveness. Nevertheless, Pfizer is developing a booster shot to protect itself from the new variants. Moderna and Novavax are also developing modified vaccines.
In the slides, Pfizer said that patients “likely need regular boosting to maintain the immune response and counter newly emerging variant strains.”