The pharmaceutical company expected to earn 61 billion dollars in 2021, but now, that figure will be around 72 billion dollars.
On a previous article we related how Pfizer, one of the companies that manufacture COVID vaccines, received billions of euros from European nations after selling thousands of vaccines.
Although sales are not equal to profit, we now know that the pharmaceutical giant is indeed reaping the benefits of signing juicy contracts with countries all over the world.
The Covid Vaccine boosted Pfizer’s Revenue and Profits. The pharmaceutical company closed the first quarter with a profit of 4 billion euros, 45.4% more than the same period of the previous year, and revenues climbed 8%, to 12 billion euros, according to the figures released today.
In light of the numbers, Pfizer now expects its revenue and profits for the year to be much better than expected from the pull of his coronavirus vaccine.
Updating its forecasts, Pfizer calculates that revenue from vaccine sales alone will provide 21,5 billion euros, 73% more than expected so far.
In addition, earnings per share go to 3.55-3.65 dollars over the previous 3.10-3.20.
The company expects that throughout the year it will deliver 1.6 billion doses of its vaccine, based on the contracts signed until mid-April. Its current capacity allows it to produce another 3,000 million in 2022.
Chairman and CEO Albert Bourla sees the product in long-lasting demand.
“Based on what we have seen, we believe that a lasting demand for our COVID-19 vaccine, similar to that for flu vaccines, is a likely outcome,” he said in a conference with analysts.
In addition, they are in talks with several countries to send them more vaccines. Only between January and March it sold vaccines worth 2.8 billion euros.
Apart from the vaccine, the drug business is also growing significantly, so now they expect to get an extra 200 million in this area.
If all the company’s income is counted, in 2021 it expects to obtain anywhere between 70.5 to 72.5 billion dollars or around 60 billion euros. Earlier, Pfizer had said it expected to earn 61.4 billion dollars in 2021 in the best case scenario.
In our previous article we reported how the European Commission had given Pfizer complete liability protection from COVID vaccine injuries caused to patients. On that article we detailed the pricing schemes Pfizer used in its delivery of vaccines to the EC.
In a contract revealed last week, Pfizer gets a pass on damages caused to people who inject their vaccine, although patients have been known to suffer from thrombosis and women have had their menstrual periods negatively affected coincidentally after getting the COVID shots.
In regards to bodily injuries caused to patients the contract reads:
“The Commission, on behalf of the participating Member States, declares that the use of vaccines produced under this APA, will happen under epidemic conditions requiring such use, and that the administration of vaccines will therefore be conducted under the sole responsibility of the Member States.”
The document was signed by the president of Pfizer’s vaccine program, Nanette Cocero, and the European Health Commissioner, Stella Kyriakides, on November 20, when the serum had not yet even been authorized for marketing.
In other words, while in public the EC was saying that they would not execute any contract until the vaccine was tested for safety, it had already signed a contract for product delivery with Pfizer.