Nov 1 (Reuters) – Pfizer Inc. raised its forecast for annual sales of its COVID-19 vaccine by $2 billion to $34 billion on Tuesday, thanks to demand for boosters targeting omicron, helping allay some concerns. of investors on the growth of vaccines.
Shares of the US drugmaker rose 4.3% to $48.55 in pre-market trading as its third-quarter profit beat estimates, mainly due to better-than-expected sales of the vaccine. what was planned.
Sales of the COVID-19 vaccine have fallen from pandemic highs due to poor demand for the original shots, raising concerns about demand in the coming years.
In response, Pfizer plans to quadruple the price of the vaccine, which it sells with its German partner BioNTech, in the United States once the government stops buying doses and moves to the private market.
Meanwhile, the market expects Pfizer to face the loss of patents on some key drugs between 2025 and 2030. The company has resorted to deals such as the recent $5.4 billion acquisition of Global Blood Therapeutics Inc. and the purchase of Biohaven. for 11.6 billion dollars to strengthen its product portfolio.
Third-quarter sales of the COVID-19 vaccine stood at $4.4 billion, topping estimates of $2.6 billion, according to five analysts surveyed by Refinitiv.
However, sales of Paxlovid, the company’s COVID-19 pill, rose to $7.51 billion, below estimates of $7.66 billion. The company kept its full-year sales forecast for Paxlovid at $22 billion.
Pfizer earned $1.78 a share in the third quarter, beating estimates of $1.39.
Separately, the company said its experimental respiratory syncytial virus (RSV) vaccine was effective in a late-stage study in preventing serious infections in infants when given to pregnant women.
(Reporting by Manas Mishra in Bengaluru; Editing in Spanish by Ricardo Figueroa)