Pfizer's 2021 profits doubled to $22 bn on strong Covid vaccine sales
(MENAFN- AFP)
Pfizer said Tuesday it expects $32 billion in revenue from Covid-19 vaccines in 2022 as it reported annual profits had more than doubled to $22 billion.
The pharmaceutical giant, which with German company BioNTech won approval for the first vaccine to counter the deadly virus, saw annual revenues nearly double to $81.3 billion, with $36.8 billion from the Covid-19 vaccine.
Pfizer also expects $22 billion in sales of Paxlovid, the company's pill for Covid-19, in 2022.
The results are the latest to show how the coronavirus has transformed Pfizer, which a year ago had projected just $15 billion in Covid-19 vaccines sales in 2021 and ended up selling more than twice that amount after repeatedly lifting the forecast.
Pfizer's scientists "continue to monitor the Covid-19 virus and believe it is unlikely that it will be fully eradicated in the foreseeable future," Chief Executive Albert Bourla said in a statement.
"That said, we now have the tools -- in the forms of vaccines and treatments -- that we believe will help enable us to not only better manage the pandemic but also help countries move into the endemic phase," Bourla said.
"In other words, we believe these tools will help allow us to go back to normality and spend time with family and friends, travel, attend indoor dining and concerts, and enjoy many other activities while lowering the risk of overburdening hospitals and healthcare systems around the world."
Although Pfizer's profit per share topped analyst expectations, revenues fell short.
Shares fell 4.1 percent to $51.02 in pre-market trading.
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