NEW YORK, Nov 2 — Pfizer again boosted its 2021 profit and revenue outlook today, bolstered by the latest surge in Covid-19 vaccinations, including regulatory approvals for boosters and shots for younger children. The company now expects to deliver 2.3 billion doses in 2021 of the Covid-19...
NEW YORK, Nov 2 — Pfizer again boosted its 2021 profit and revenue outlook today, bolstered by the latest surge in Covid-19 vaccinations, including regulatory approvals for boosters and shots for younger children.
The company’s shares rallied on the announcement, which comes on the heels of similar upbeat earnings in May and July also showing how the vaccine has transformed the drugmaker’s financial performance over the last year. Pfizer now projects total 2021 revenues for the vaccine of US$36 billion, up from US$33.5 billion in 2020. Pfizer increased 2021 its research and development budget by US$400 million due to more projects on Covid-19 vaccines and related mRNA-based projects, now estimating spending in a range of between US$10.4 billion and US$10.9 billion.
While Pfizer’s financial performance has thrived thanks to the Covid-19 vaccine, the company has been criticized by non-governmental organizations for placing profits above public health in its dealings with governments over the shot.