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Pfizer Hikes 2021 Outlook After Vaccine Boosts Sales, Profit
Key Excerpts from Article on Website of U.S. News & World Report
Posted: August 1st, 2021
https://www.usnews.com/news/best-states/new-york/articles/20...
Strong sales of its COVID-19 vaccine and other medicines helped Pfizer nearly double its second-quarter revenue and boost its profit an impressive 59%, beating Wall Street expectations and leading the drug giant to sharply hike its 2021 sales and profit forecasts. Amid the surging coronavirus pandemic, the COVID-19 vaccine became Pfizer’s top seller, bringing in nearly half its revenue — $7.84 billion from direct sales and revenue split with its partner, Germany's BioNTech. Pfizer now anticipates revenue from the two-dose vaccine this year to reach $33.5 billion for the 2.1 billion doses it's contracted to provide by year end. That doesn't include a contract struck last week to provide an additional 200 million doses to the U.S. The New York company on Wednesday disclosed that ongoing testing of a booster shot, given six months after the second vaccine dose, showed it raised antibody levels against the more-transmissible Delta variant to 11 times higher in older people and five times higher in younger people, compared to levels after two doses. Pfizer has delivered more than 1 billion doses of the vaccine globally and expects to make 3 billion doses this year, with many more going to low- and middle-income countries from now through year's end. Most doses of all the COVID-19 vaccines produced in Europe and the U.S. so far have gone to wealthy countries.
Note: When public health is at stake, should private companies be making huge profits like this? Read more in this information article. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma profiteering and coronavirus vaccines from reliable major media sources.
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