Pfizer ups COVID-19 vaccine revenue estimates again as total deliveries pass one billion doses

Drugs

The pharmaceutical giant’s Q2 revenues reached $19bn, reflecting 86% operational growth thanks to the COVID-19 vaccine which contributed $7.8bn in direct sales and alliance revenues.

Excluding the COVID-19 vaccine, revenues grew 10% to $11.1bn.

2.1 billion doses now on order for 2021

Pfizer’s earlier revenue estimates of $26bn for the COVID-19 vaccine was based on orders placed to mid-April. However, with additional supply agreements signed since then, the company has now updated its revenue estimate for the year to $33.5bn.

This comes from around 500m more doses that have been ordered since the last quarterly report: with 1.6 billion doses on order in April rising to 2.1 billion doses at the latest count in mid-July. 

As manufacture and deliveries gather pace, so have Pfizer’s revenues from the vaccine.

  • Q4, 2020: $154m*
  • Q1, 2021: $3.5bn
  • Q2, 2021: $7.8bn

* vaccine authorized at the end of the quarter

Pfizer notes this figure could rise again as additional contracts are signed.

Based on current projections, Pfizer and BioNTech expect to manufacture in total up to 3 billion doses by the end of December 2021, subject to continuous process improvements, expansion at current facilities and adding new suppliers and contract manufacturers.

More than one billion doses of the vaccine have been delivered to date by the two partners.

Outside vaccine revenues

With the evolving revenues for the COVID-19 vaccine, Pfizer has updated its current 2021 financial guidance for the overall business from the region of $70.5bn – $72.5bn (as set out in May) to $78-$80bn. Taking the midpoint of the guidance range, this would represent 89% growth on 2020 revenues.

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