Business & Finance
Pfizer ups sales forecast of COVID-19 vaccines by 70% to USD26bn for 2021
5 May 2021 -

US pharmaceutical company Pfizer Inc (NYSE:PFE) has raised its forecast of COVID-19 vaccine sales for 2021 by over 70% to USD26bn, Reuters news agency reported on Wednesday.

Revenues from the COVID-19 vaccine, developed by Pfizer along with its partner, German biotechnology company BioNTech SE (Nasdaq:BNTX), is expected to account for more than one third of Pfizer's sales in 2021.

The two-shot COVID-19 vaccine was Pfizer's top-selling product in the first quarter of 2021. Expenses and profit from the vaccine are split 50-50 between Pfizer and BioNTech.

According to Pfizer, the forecast is based on contracts to deliver 1.6 billion vaccine doses this year. The company expects to sign more deals for this year and is in supply talks with several countries for 2022 and beyond.

Pfizer's COVID-19 vaccine generated USD3.5bn in revenues in Q1 2021, exceeding analysts' estimates of USD3.28bn, according to Refinitiv data.

Total revenues for the first quarter were USD14.6bn, which exceed the analysts' forecasts of USD13.5bn, Reuters added.