Pfizer Forecasts Record High Sales This Year... COVID-19 Vaccine and Treatments Expected to Reach 65 Trillion Won

by Jeong Hyunjin

Published 09 Feb.2022 07:12(KST)

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Jeong Hyunjin] American pharmaceutical company Pfizer is expected to generate $54 billion (approximately 64.7 trillion KRW) in sales this year from its COVID-19 vaccines and treatments. It is anticipated to record the highest sales ever this year, with COVID-19-related revenue accounting for more than half of the total.

According to CNBC and other outlets on the 8th (local time), Pfizer projected in its earnings forecast released that the annual sales of the COVID-19 vaccine developed jointly with German company BioNTech will reach $32 billion. The oral COVID-19 treatment Paxlovid, launched at the end of last year, is estimated by the company to generate $22 billion in sales this year. In terms of volume, Pfizer expects to produce at least 120 million courses of Paxlovid this year.

Pfizer stated that its total sales for this year are forecasted to be between $98 billion and $102 billion, with adjusted earnings per share of $6.35 to $6.55. Considering this, it is interpreted that COVID-19-related sales will account for more than half of the total.

Albert Bourla, Pfizer’s Chief Executive Officer (CEO), said, "It does not seem likely that COVID-19 will be completely eradicated in the near future," but added, "We now have the tools of vaccines and treatments. These will not only help us navigate the pandemic well but also assist in transitioning to an endemic."

Pfizer’s performance grew significantly last year due to the impact of the COVID-19 vaccine. Annual sales last year reached $81.3 billion, nearly doubling compared to the previous year. Among this, COVID-19 vaccine sales were recorded at $36.8 billion. Annual net profit also more than doubled to $22 billion compared to the previous year.