Pfizer results, outlook boosted by vaccine demand

Drug maker Pfizer beat sales and earnings forecasts for the quarter and raised its outlook for the year due to the strength of its vaccines business.
Company results, released Tuesday, show that the COVID-19 vaccine had sales of $ 3.5 billion in the first quarter alone, prompting Pfizer to increase annual sales expectations for the vaccine by 70 percent.
This puts the vaccine on track to generate more than a third of Pfizer's total annual sales.
The two-shot vaccine quickly became Pfizer's best-selling product in the first quarter.
CEO Albert Bourla told investors in prepackaged comments that, based on the evidence, there was still a need for this vaccine, similar to what happens annually for the flu.
With this in mind, Pfizer is further optimizing production of the vaccine and is working on contracts with governments for 2022 and beyond.
The FDA is expected to hear about its application for expanded use of the vaccine for adolescents ages 12-15 years old shortly. That's as much as Pfizer would say.
The New York Times reported Monday that the U.S. Food and Drug Administration (FDA) is preparing to approve the Pfizer and BioNTech vaccine for adolescents, citing federal officials familiar with the agency's plans.
However, Pfizer said it will seek emergency approval for the vaccine for use in children ages 2 to 5 and 5 to 11 later this year.
And that's not all. Pfizer is also working on a new formula that may allow the vaccine to be stored at normal refrigerated temperatures and facilitate shipping and storage.
The success of the mRNA technology used in the COVID-19 vaccine has encouraged Pfizer to pursue plans to begin clinical trials of a flu mRNA vaccine through the third quarter.
Video transcript
- Drug maker Pfizer beat sales and earnings guidance for the quarter and raised its outlook for the year due to the strength of its vaccines business. Company results, released Tuesday, show that the COVID-19 vaccine had sales of $ 3.5 billion in the first quarter alone, leading Pfizer to increase annual sales expectations for the vaccine by 70%. This puts the vaccine on track to generate more than a third of Pfizer's total sales in 2021.
The two-shot vaccine quickly became Pfizer's best-selling product in the first quarter. CEO Albert Bourla told investors in prepackaged comments that, based on the evidence, a need for this vaccine remains, similar to what happens annually for the flu. With this in mind, Pfizer is further optimizing production of the vaccine and is working on contracts with governments for 2022 and beyond.
The FDA is expected to hear about its application for expanded use of the vaccine for adolescents ages 12-15 years old shortly. That's exactly what Pfizer said on the subject. The New York Times reported Monday that the US Food and Drug Administration is preparing to approve the Pfizer and BioNTech vaccine for teenagers, citing federal officials familiar with the agency's plans. However, Pfizer said it will seek emergency approval for the vaccine for use in children ages 2 to 5 and 5 to 11 later this year.
And that's not all. Work is also underway on a new formula that may allow the vaccine to be stored at normal refrigerated temperatures, which would make shipping and storage easier. The success of the mRNA technology used in the COVID-19 vaccine has encouraged Pfizer to pursue plans to begin clinical trials of a flu mRNA vaccine through the third quarter.

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