Pfizer made $ 3.5 billion from first-quarter Covid-19 vaccine sales and raised its full-year expectations for jabs to $ 26 billion by releasing its quarterly results on Tuesday.
The US pharmaceutical company, which shares its benefits from Covid vaccines with its development partner BioNTech, raised its overall revenue forecast for the full year to $ 72.5 billion, mainly due to contracts signed for the delivery of 1 , 6 billion doses in 2021.
Total first-quarter profits reached $ 14.6 billion, an increase of 45% from the same period in 2020 and beating analysts’ forecast of $ 13.7 billion.
Reported diluted earnings per share reached 86 cents, and profits from the vaccine come from sales in more than 50 countries, chief executive Albert Bourla said.
“I couldn’t be prouder of how Pfizer started 2021,” Bourla said, in prepared remarks. “We have continued to ramp up production and shipments of our Covid-19 vaccine – in many cases exceeding our contractual delivery time obligations.”
As of May 3, 430 million doses of the Covid vaccine had been shipped to 91 countries.
Pfizer’s share price rose 1.6% on Tuesday on the pre-stock market.