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Pfizer boosts COVID vaccine sales forecast by $2 bln to $34 bln

01 November 2022 18:12 (UTC +04:00)

Pfizer Inc on Tuesday raised its forecast for annual sales of its COVID-19 vaccine by $2 billion to $34 billion on demand for Omicron-targeted boosters, helping allay some investor worries over growth for the vaccinations, APA reports citing Reuters.

The U.S. drugmaker's shares rose 2.4% to $447.67 in morning trading as its third-quarter profit beat estimates, mainly due to better-than-expected sales of the vaccine.

The upbeat earnings also sent shares of rival COVID-19 vaccine makers higher. Novavax Inc rose 11%, while Moderna Inc gained about 4%.

Sales of the COVID-19 vaccine have eased from pandemic highs on soft demand for the original shots, sparking concerns over demand over the next few years.

In response, Pfizer plans to roughly quadruple the price of the vaccine, which it sells with German partner BioNTech , in the United States once the government stops buying doses and shifts to a private market.

"Our COVID-19 franchises will remain multi-billion-dollar revenue generators for the foreseeable future," Chief Executive Officer Albert Bourla said in prepared remarks ahead of a conference call.