Pfizer expects to rake in sales of $15 billion from its Covid-19 vaccine this year
Posted February 2, 2021 10:10 a.m. EST
CNN — Pfizer expects to earn approximately $15 billion in revenue from its Covid-19 vaccine this year, the company said Tuesday.
Its fourth-quarter earnings report was the first since Pfizer's Covid-19 vacine received emergency-use authorization from the US Food and Drug Administration in December -- the first vaccine to receive such approval. Since then, the vaccine, developed in partnership with German firm BioNTech, has begun to roll out across the country, as well as elsewhere around the world.
Pfizer said it has shipped 65 million doses so far, including 29 million to the United States. The company expects to have delivered 200 million doses to the United States by the end of May.
The company raised its overall earnings guidance for 2021 to between $3.10 and $3.20 per share, thanks in part to the expected revenue contributions of the vaccine.
The projection was a bright spot in an otherwise mixed earnings report. Pfizer posted quarterly revenue of nearly $11.7 billion, up 12% from the same period in the prior year and slightly ahead of Wall Street analysts' projections . Earnings per share hit $0.42, but fell short of Wall Street's expectations. The company's stock fell nearly 3% in early trading Tuesday.
"2020 has been a transformational year, not only for Pfizer, but also in the life of every patient in every community that we serve," Pfizer CEO Albert Bourla said in a statement. "We saw the culmination of Pfizer's decade-long conversion into a pure-play, science and innovation-focused company ... Our record-breaking success at developing a vaccine against COVID-19, along with our partner BioNTech, is just one example of what we believe this new Pfizer is capable of achieving."