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Pfizer second-quarter sales rise 92.5% thanks to vaccines

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Pfizer, the U.S. pharmaceutical company that provided the first COVID-19 vaccine in the West last year, reported record sales in the second quarter of this year due to the vaccine’s popularity.

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On the 28th (local time), CNBC reported that Pfizer’s BNT162b2 vaccine, developed jointly with Germany’s BioNtech, had become the company’s best-selling product. Pfizer’s second-quarter sales totaled $18.98 billion (about 21.9 trillion won), up 92.5 percent from $9.86 billion a year ago. Among them, sales of COVID-19 vaccine reached $7.84 billion. In order to produce the vaccine, Pfizer will split the cost and benefit with BioNTech.

Pfizer’s quarterly net profit was $5.56 billion, up 59 percent from $3.49 billion.

Pfizer stated in its earnings announcement the same day that CEVID-19 vaccine sales would amount to $33.5 billion if all 2.1 billion contracts are fulfilled by the end of the year. Pfizer has supplied 1 billion doses of the vaccine worldwide so far and plans to produce a total of 3 billion doses this year.

Meanwhile, Pfizer and rival Johnson & Johnson, in an announcement last week, forecast annual sales of $2.5 billion for Janssen’s vaccine, while Moderna projected $19.2 billion.

For MetaNews.

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Jonathan Hobbs is an Australian investor and author that trades on a variety of asset classes, including currencies, equities, and commodities. Jonathan’s experience as a macro trader leverages his unique writing style to combine important elements, such as technical analysis and news. The other elements that he brings into his unique writing styles are foundation analysis aimed at rational equilibrium values, evaluating the sizes and motivations of buyers and sellers, as well as identifying the needs of the buyers and sellers in the individual markets. Jonathan is committed to quality writing for new traders as well as veterans.

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