Pfizer Inc on Tuesday forecast better-than-expected $29 billion in sales from its COVID-19 vaccine for 2022 and said it was seeking to sign more deals with countries for the shot that it has developed with German partner BioNTech.
The company said while it had the capacity to produce 4 billion doses in 2022, it was currently expecting to recognize sales from 1.7 billion doses in 2022, suggesting that the forecast could move higher as Pfizer signs more vaccine deals.
Pfizer, which equally splits expenses and profit for the shot with German partner BioNTech, also raised its sales forecast for the vaccine to $36 billion for 2021, suggesting that the shot will account for as much as 44 per cent of its total sales for the year.
Wall Street on average expected sales of $22.15 billion from the vaccine for 2022, according to eight analysts polled by Refinitiv.
Pfizer’s COVID-19 vaccine, which was the first shot to receive U.S. authorization when it was cleared for emergency use in December, has become one of the most widely used inoculation in the United States and Europe.
Its sales have vastly outpaced those sold by rivals Moderna Inc and Johnson & Johnson, which are struggling with production snags and safety concerns.
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Pfizer’s vaccine is recommended or the only one permitted for use in younger populations in many countries, the company’s chief scientific officer, Mikael Dolsten, said.
The company is on track to deliver 2.3 billion doses of the vaccine, out of the roughly 3 billion it plans to make this year.
The vaccine brought in sales of $13 billion in the third quarter.
(Reporting by Manas Mishra in Bengaluru; Editing by Anil D’Silva)