Pfizer reported higher quarterly profits Tuesday as it lifted its full-year forecast for coronavirus vaccine sales and predicted Covid-19 would yield billions more in revenues for the foreseeable future.
The big US drugmaker now expects 2022 sales of the Comirnaty Covid-19 vaccine of $34 billion, up $2 billion from the prior outlook.
Pfizer maintained its projection of $22 billion in annual sales for its Paxlovid therapeutic for Covid-19.
More than two years into the pandemic, Chief Executive Albert Bourla predicted revenues for Covid-19 products would persist even though they are likely to fall from their 2022 levels.
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“We believe our Covid-19 franchises will remain multi-billion revenue generators for the forseeable future, which should serve as a buffer for any unforeseen challenges with other products in our portfolio,” Bourla said in prepared remarks.
The most recent quarter included an 83 percent surge in Covid-19 vaccine revenues in the United States, driven by deliveries of the latest booster shot for the Omicron BA.4/BA.5-adapted bivalent vaccine.
Overall, Pfizer reported profits of $8.6 billion in the third quarter, up six percent from the year-ago period on a six percent drop in revenues to $22.6 billion.
Bourla said Pfizer was on track to launch up to 19 new products in the next year and a half. He highlighted potential “blockbuster” products for respiratory syncytial virus (RSV), Ulcerative colitis and Migraine.
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Bourla said the product pipeline should alleviate “understandable” questions about Pfizer’s growth potential in the 2025 to 2030 given the loss of some $17 billion in revenues due to patent expirations.
Shares of Pfizer rose 3.5 percent to $48.20 in pre-market trading.
