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By Yashasvini Razdan, 1:00 PM ET
Pfizer raised its 2021 sales forecast for the vaccine from $26 billion to $33.5 billion after the pharmaceutical giant sold $7.8 billion in COVID-19 shots in the second quarter. The spread of the delta variant has ignited the debate surrounding booster shots.
The company based its raised sales forecast of the vaccine on signed deals for 2.1 billion doses. The company could increase its production if it signs additional contracts.
The company’s second-quarter earnings were reported as $1.07 per share beating Wall Street’s expected 97 cents per share. Its reported revenue of $18.98 billion also exceeded the Wall Street forecast of $18.74 billion.
On Wednesday, the company posted slides where it stated that it could apply for an emergency use authorization for a booster dose in August. It planned to ask the Food and Drug Administration to authorize a booster dose. It is also developing a booster shot to target the delta variant.
The company announced that Pfizer and BioNTech expect to manufacture in total up to 3 billion doses by the end of December 2021, subject to continuous process improvements, expansion at current facilities, and adding new suppliers and contract manufacturers.
In a statement, CEO Albert Bourla said, Before the pandemic, Pfizer produced approximately 200 million doses annually across our entire vaccines portfolio.
Apart from the vaccine unit, Pfizer’s other businesses such as the oncology unit were up 19% year over year to $3.1 billion. Even the company’s hospital unit generated $2.2 billion in revenue, rising 21% from the prior year. Its internal medicine unit grew by 5% from a year ago to $2.4 billion.
Picture Credits: Reuters