Cayman Islands, Caribbeanand International News
Thursday, Jun 01, 2023

Pfizer sees revenues double to $81bn thanks to COVID-19 vaccine

Pfizer sees revenues double to $81bn thanks to COVID-19 vaccine

The US drugs giant, which sold $37bn worth of the jab last year and expects sales of $32bn this year, said it had put "billions of dollars of capital on the line" in the early stages of the pandemic to develop the drug.

Drugs giant Pfizer has doubled annual sales and profits thanks to its COVID-19 vaccine.

The US firm said revenues rose from $41.7bn in 2020 to $81.3bn last year, largely thanks to the vaccine, known as Comirnaty - which accounted for $36.8bn of the total.

Profits climbed from $9.2bn to $22bn.

Pfizer's antiviral pill aims to reduce hospitalisation and deaths in high-risk patients

Pfizer said it expected sales of the vaccine - developed with Germany's BioNTech - to be worth $32bn this year, but that figure fell short of analysts' expectations for around $34bn.

It pencilled in a revenue figure of $22bn for COVID-19 oral antiviral treatment Paxlovid for 2022, which also fell a little short of Wall Street's target. Shares fell 3%.

Pfizer's vaccine is used in more than 160 countries.

It aims to make more than four billion doses in 2022, compared with last year's three billion.

Paxlovid has shown promise in cutting hospitalisation and deaths in high-risk patients and the company expects to produce at least 120 million courses of the pill this year.

Pfizer chief executive Albert Bourla said that in the early days of the COVID-19 pandemic, the company put "all of the resources and expertise we had at our disposal to help protect populations globally against this deadly virus as well as to offer treatments to help avoid the worst outcomes".

Albert Bourla said Pfizer's work had 'made a positive difference in the world'.

"We put billions of dollars of capital on the line in pursuit of those goals, not knowing whether those investments would ever pay off," Dr Bourla added.

He said that the successes of its COVID-19 treatments had "made a positive difference in the world".

Pfizer's results showed that it sold $7.8bn worth of its jab in the US, $9.4bn in western Europe and $8.1bn in other developed nations including Canada, Japan, South Korea, Australia and New Zealand.

Sales of Comirnaty to emerging markets - including the rest of Asia, Africa, the Middle East, Latin America and central and eastern Europe, totalled $11.4bn.

The amount of money being made by some drug companies from coronavirus jabs has proved controversial and campaigners have called for a waiver on vaccine patents, in order to allow cheap generic versions to be produced and distributed in poorer countries.

In December, World Health Organisation boss Tedros Adhanom Ghebreyesus warned that widespread COVID-19 vaccine booster programmes in developed countries were "likely to prolong the pandemic".

That was because, he said, they risked diverting supply to countries that had high levels of their populations already jabbed and away from those that need it most.

Anglo-Swedish drugs giant AstraZeneca, which reports full-year results later this week, has in contrast to rivals been selling its COVID-19 at cost.

But it was criticised when late last year it said it now planned to start making a "modest" profit from the drug.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.

Related Articles

Nvidia Joins Tech Giants as First Chipmaker to Reach $1 Trillion Valuation
Drone Attack on Moscow's Wealthiest Neighborhoods Suspected to be Launched by Ukraine
Elon Musk Meets Chinese Finance Minister in Beijing
AI ‘extinction’ should be same priority as nuclear war – experts
Prominent Hacker Forum RaidForums Suffers Substantial Data Breach
Nvidia CEO Huang says firms, individuals without AI expertise will be left behind
WPP Revolutionizes Advertising with NVIDIA's AI Powerhouse
Two US Employees Fired For Chasing Robbers Out Of Store As They Broke ''Company Policy''
If you donated to BLM, you got played
Pfizer, the EU, and disappearing ink - Smoke, Mirrors, and the Billion-Dose Pfizer Vaccine Deal: EU's 'Open Secret
Actor Tom Hanks told Harvard University graduates to be superheroes in their defense of truth and American ideals, and to resist those who twist the truth for their own gain
The Sussexes' Royal Rebound: Could Harry and Meghan Markle Return to the UK?
A provocative study suggests: Left-Wing Extremism and its Unsettling Connection to Psychopathy and Narcissism
France Arrests 10 on Suspicion of Failing to Respond in Time to Migrant Drowning
Neuralink Receives FDA Approval for First-in-Human Clinical Study
Is Saudi Arabia the holiest place in the world? Ancient Hebrew Inscriptions from "The Mount Sinai Stand" Discovered in Saudi Arabia
Ukrainian Intelligence Official Admits to Assassination Attempts on Putin
Bernard Arnault Loses $11.2 Billion in One Day as Investors Fear Slowdown in US Growth Will Reduce Demand for Luxury Products
Russian’s Wagner Group leader: “I am not a chef, I am a butcher. Russia is in danger of a revolution like in 1917.”
TikTok Sues Montana Over Law Banning the App
Ron DeSantis Jumps Into 2024 Presidential Race, Setting Up Showdown With Trump
Last Walmart in North Portland Closing Down
Florida's DeSantis seeks to disqualify judge in Disney case
Talks between US House Republicans and President Biden's Democratic administration on raising the federal government's $31.4tn debt ceiling have paused
Biden Administration Eyeing High-Profile Visits to China: The Biden Administration is heating things up by looking into setting up a series of top-level visits to Beijing by top officials in the coming months
New evidence in special counsel probe may undercut Trump’s claim documents he took were automatically declassified
A French court of appeals confirmed former President Nicolas Sarkozy's three-year jail term for corruption and influence peddling
Debt Ceiling Crises Have Unleashed Political Chaos
Weibao Wang, a former software engineer at Apple, was charged with stealing trade secrets related to autonomous systems, including self-driving cars
Mobile phone giant Vodafone to cut 11,000 jobs globally over three years as new boss says its performance not good enough
Elon Musk compares George Soros to Magneto, the supervillain from the Marvel Comics series.
Warren Buffett Sells TSMC Shares Over Concerns About Taiwan's Stability
New Study Finds That Secondary Bacterial Pneumonia Is a Major Cause of Death in COVID-19 Patients Who Require Ventilator Assistance
The Prime Minister of St. Vincent and the Grenadines calls the British monarchy "an absurdity" he wants to remove in his lifetime
King Charles III being crowned.
'Godfather Of AI' Geoffrey Hinton Quits Google To Warn Of The Tech's Dangers
A Real woman
Vermont Man Charged with Stalking After Secretly Tracking Woman with Apple AirTag
Elon Musk Statements About Tesla Autopilot Could Be 'Deepfakes,' Lawyers Claim. Judge Evette Pennypacker Does Not Understand How Far and Advanced This Technology Became
Ukraine More Prepared for Counterattack as Reinforcements Arrive
UK Prime Minister Rishi Sunak and Italian Prime Minister Giorgia Meloni Discuss Migration, Defence, and Ukraine
AT&T's Successful Test of Satellite-Based Phone Call Raises Possibility of Widespread Coverage
CNN: "Joe Biden is asking for four more years — when 74% of Americans think the country is heading the wrong way“
Turkish President Recep Tayyip Erdogan Cuts Short Live TV Interview Due to Health Issue
US Congresswoman threaten Twitter Files journalist with arrest
Pulitzer Prize-winning journalist Seymour Hersh slams New York Times' pro-government stance and treatment of sources
Enough is enough: it's time to end the war in Ukraine. While Russia may be to blame for starting it, Russia is not the one refusing to stop it
Fox News Settles their case with Dominion Voting Systems for a staggering $787.5 MILLION
AG decries scapegoating and rushed lawmaking by government
The land of the free violence