Pfizer: Corona Business Ensures Growth

Paxlovid tablet by Pfizer

With the corona drug, the pharmaceutical company wants to build a second mainstay in the treatment of Covid-19 in addition to the Comirnata vaccine.

(Photo: AP)

Frankfurt The corona pandemic is currently weakening in many regions, but continued to fuel the business of US pharmaceutical giant Pfizer in the first quarter. Mainly thanks to the Covid Comirnaty vaccine, produced together with Biontech, Pfizer was able to increase sales by 82 percent on Tuesday. in constant currency to USD 25.6 billion (EUR 24.2 billion) and increase net profit by a good 60%. to USD 7.8 billion (March 7). EUR 4 billion).

The vaccine accounted for more than half of its quarterly sales of $ 13.2 billion, compared with $ 3.5 billion in the same quarter last year. In addition, there was the first contribution to the sale of the drug Covid Paxlovid in the amount of 1.4 billion dollars. On the other hand, Pfizer’s currency-adjusted sales increased by only about five percent.

Pfizer also reiterated its previous full-year guidance and continues to expect revenues of $ 98 to $ 102 billion. This is an increase of approximately 23 percent compared to the previous year. Fx adjusted, the stable forecast corresponds to an increase in the sales forecast of approximately two billion dollars, according to Pfizer.

For adjusted earnings per share, Pfizer management currently expects between $ 6.25 and $ 6.45. This is ten cents less than previously forecast, but 44 percent. more than a year earlier.

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The US group still expects $ 32 billion in sales from Comirnata in 2022, although a negative sales effect of $ 1 billion has now been included due to the appreciation of the dollar. Adjusted for currency effects, Pfizer has apparently been able to conclude additional supply contracts for Comirnata worth a billion dollars since early February.

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The Biontech company from Mainz should therefore confirm its forecast for 2022 and even slightly increase it. So far, the biotechnology company that developed the vaccine expects to sell between 13 and 17 billion euros in 2022. Biontech and Pfizer share the gross profit of Comirnata operations as part of a partnership. Distribution is mainly through Pfizer, from which Biontech receives its own share of Comirnata’s revenues.

Pfizer CEO Albert Bourla continued to be confident about the vaccine’s potential on Tuesday. Comirnata’s cumulative market share has been growing steadily since January. In the USA and the most important European countries, 74 percent. of all people who received primary immunization would also receive a booster vaccination, and another 13 percent. planned a third vaccination. “This is a very encouraging indicator of the potential acceptability of the fourth dose,” said Bourla. Pfizer and Biontech want to present data from studies with an additional booster and a vaccine adapted to the omicron variant in the coming weeks.

Pfizer is using Covid Paxlovid for the first time

In addition to the vaccine business, Pfizer has meanwhile opened another important sales source for Covid Paxlovid, which has been approved since December. In the case of Paxlovid, the US group still forecasts sales of around $ 22 billion in 2022, although Pfizer currently expects a negative currency effect of $ 0.5 billion. All in all, the US group should therefore continue to show very strong gains in sales in the second quarter before the pace of growth flattens out again from the second half of the year.

Other pharmaceutical manufacturers are also benefiting greatly from the corona pandemic. For example, US competitor Merck & Co saw a good 50 percent increase in sales in the first quarter of 2022 as it posted more sales for the first time with Covid Lagevrio. Eli Lilly, Roche and Astra-Zeneca also benefited from significantly higher sales of Covid, though not as much as industry leader Pfizer.

On average, pharmaceutical companies achieved sales of Covid vaccines and drugs approximately four times higher in the first quarter than in the previous year. At that time, the distribution of vaccines and drugs against Covid began. However, experts assume that after the boom this year the trend will reverse again.

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