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Pfizer expects Covid vaccine demand for years | Pfizer expects Covid vaccine demand for years |
(about 16 hours later) | |
Demand for Pfizer's Covid vaccine could bolster its revenues for years, the US drugs giant has said. | Demand for Pfizer's Covid vaccine could bolster its revenues for years, the US drugs giant has said. |
Pfizer said it was expecting "durable demand" for the vaccine, in a similar way to flu vaccines. | Pfizer said it was expecting "durable demand" for the vaccine, in a similar way to flu vaccines. |
In the first three months of 2021, the vaccine generated revenues of $3.5bn (£2.5bn) as governments scrambled to try to contain the pandemic. | In the first three months of 2021, the vaccine generated revenues of $3.5bn (£2.5bn) as governments scrambled to try to contain the pandemic. |
Revenue from the treatment is expected to hit $26bn this year - accounting for more than one third of Pfizer's sales. | Revenue from the treatment is expected to hit $26bn this year - accounting for more than one third of Pfizer's sales. |
The forecast is based on already-signed contracts for 1.6 billion vaccine doses to be delivered this year. | The forecast is based on already-signed contracts for 1.6 billion vaccine doses to be delivered this year. |
Pfizer said it expected to sign more deals this year, and was in supply talks with several countries for 2022 and beyond. | Pfizer said it expected to sign more deals this year, and was in supply talks with several countries for 2022 and beyond. |
Covid vaccines: Will drug companies make bumper profits? | Covid vaccines: Will drug companies make bumper profits? |
"Based on what we've seen, we believe that a durable demand for our Covid-19 vaccine - similar to that of the flu vaccines - is a likely outcome," said chief executive Albert Bourla. | "Based on what we've seen, we believe that a durable demand for our Covid-19 vaccine - similar to that of the flu vaccines - is a likely outcome," said chief executive Albert Bourla. |
The two-shot vaccine was Pfizer's top-selling product in the first quarter. | The two-shot vaccine was Pfizer's top-selling product in the first quarter. |
Expenses and profit from the vaccine are split 50-50 between Pfizer and its German partner BioNTech. | Expenses and profit from the vaccine are split 50-50 between Pfizer and its German partner BioNTech. |
Pfizer and fellow US firm Moderna profit from their vaccines, while AstraZeneca and US giant Johnson & Johnson are supplying theirs at cost price while the pandemic continues. | Pfizer and fellow US firm Moderna profit from their vaccines, while AstraZeneca and US giant Johnson & Johnson are supplying theirs at cost price while the pandemic continues. |
Pfizer recently signed a contract with the UK to supply 60 million additional doses in 2021. | Pfizer recently signed a contract with the UK to supply 60 million additional doses in 2021. |
It is testing the use of a third dose of its vaccine as a booster, and expects the US to give the go-ahead for it to be used in children between 12 and 15 years old during the pandemic. | It is testing the use of a third dose of its vaccine as a booster, and expects the US to give the go-ahead for it to be used in children between 12 and 15 years old during the pandemic. |
It is also testing the safety and efficacy of the vaccine in children from six months to 11 years old, it said in a prepared statement. | It is also testing the safety and efficacy of the vaccine in children from six months to 11 years old, it said in a prepared statement. |
Analysis: | |
Michelle Fleury, North America business correspondent | |
Unlike rivals Astra Zeneca and Johnson & Johnson which vowed to forego profits on the vaccine during the pandemic, Pfizer planned to make money on its vaccines. | |
Tuesday's results show just how much. | |
Its vaccine business grew from $1.61bn in the first three months of 2020 to $4.89bn for the same period this year. That's more than 300% growth. | |
And it's likely to reap in millions more in profits from the Covid vaccine. | |
The Pfizer vaccine will need a booster shot within a year of getting the first two doses. It plans to seek emergency use authorisation from US regulators in July. | |
And more shots equals more money. | |
The booster shot offers the first clue to how much drug companies may be able to make from their Covid vaccines in the long term. |