Pfizer raises COVID vaccine sales forecast by $2 billion from Health & Fitness Journal

©Health & Fitness Journal. FILE PHOTO: A 3D printed Pfizer logo is placed near drugs from the same manufacturer in this September 29, 2021 illustration. REUTERS/Dado Ruvic/Illustration

By Manas Mishra

(Health & Fitness Journal) – Pfizer Inc (NYSE:) on Tuesday raised its forecast for full-year sales of its COVID-19 vaccine by $2 billion to $34 billion on demand for Omicron-targeted boosters, which helped some Allay investor concerns about vaccine growth.

Shares of the US drugmaker rose 2.4% to $47.67 in morning trade as its third-quarter earnings beat estimates, mainly on better-than-expected sales of the vaccine.

The positive gains also pushed shares in rival COVID-19 vaccine makers higher. Novavax (NASDAQ:) Inc is up 11%, while Moderna (NASDAQ:) Inc is up about 4%.

Sales of the COVID-19 vaccine have fallen from pandemic highs due to low demand for the original vaccines, raising concerns about demand over the next few years.

In response, Pfizer plans to roughly quadruple the price of the vaccine it sells with German partner BioNTech in the United States once the government stops buying doses and moves to a private market.

“Our COVID-19 franchises will remain multibillion-dollar revenue drivers for the foreseeable future,” Chief Executive Officer Albert Bourla said in prepared remarks ahead of a conference call.

Meanwhile, Pfizer is expected to face the loss of patents on some key drugs between 2025 and 2030. The company has turned to deals like its recent acquisition of Global Blood Therapeutics (NASDAQ:) Inc for $5.4 billion and its $11.6 billion acquisition of Biohaven to bolster its pipeline.

While some will call the massive Comirnaty strike untenable, “with an emerging pipeline and significant balance sheet flexibility, we are not yet throwing in the towel,” said Evan Seigerman, an analyst at BMO Capital Markets.

Third-quarter sales of COVID-19 vaccine were $4.40 billion, beating estimates of $2.60 billion.

However, sales of the COVID-19 pill Paxlovid of $7.51 billion missed estimates of $7.66 billion.

Pfizer earned $1.78 per share in the third quarter, beating estimates of $1.39.

Separately, the company said its experimental respiratory syncytial virus (RSV) vaccine has been shown in a late-stage study to be effective at preventing serious infections in infants when given to pregnant women.

(This story has been corrected to change the stock price from $447.67 in paragraph 2 to $47.67.)