Pfizer raises profit forecast after robust COVID-19 vaccine sales, large acquisition
Date
7/31/2024 4:59:49 AM
(MENAFN) On Tuesday, Pfizer Inc., a leading U.S. Pharmaceutical company, revised its annual profit forecast upwards, attributing the adjustment to higher-than-expected sales of its COVID-19 vaccine and antiviral treatment. The updated forecast now estimates annual earnings to range between USD2.45 and USD2.65 per share, a notable increase from the previous estimate of USD2.15 to USD2.35 per share. Alongside this, Pfizer has also raised its revenue expectations for the Comirnaty and Paxlovid vaccines to USD8.5 billion, up from the earlier projection of approximately USD8 billion.
The impressive sales figures for Pfizer's COVID-19 vaccines have significantly bolstered the company's financial outlook. In light of this favorable financial development, Pfizer’s CEO Albert Bourla has allocated USD43 billion for the acquisition of Seagen, a cancer drug manufacturer. This strategic acquisition is part of Pfizer’s broader effort to expand and enhance its oncology portfolio, marking a pivotal shift in focus towards cancer treatments.
In conjunction with the acquisition, Pfizer has implemented internal restructuring and cost-cutting measures to optimize its operations and reinforce its commitment to oncology. This approach highlights Pfizer's intention to channel its pandemic-era profits into strengthening its presence in other key therapeutic areas, particularly cancer treatment. This strategic realignment underscores Pfizer's focus on sustainable growth and diversification in the pharmaceutical sector.
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