Pfizer profit forecast gets a shot in the arm from successful Covid-19 vaccine
Pfizer has forecast sales of about $15bn from the Covid-19 vaccine that it is making along with German partner BioNTech and raised its full-year profit forecast.
The company said it expects total 2021 revenue of between $59.4bn and $61.4bn.
Despite the increased profit forecast, shares in Pfizer sank 2.4 per cent at the open on Wall Street.
The vaccine was among the first to be authorised for emergency use in the UK, the US and several other countries, and analysts have forecast billions in sales.
It was rolled out in the UK from early December for vulnerable groups and those working on the front lines of the NHS.
In the fourth quarter, the vaccine brought in sales of $154m.
However this was well below expectations of $462m, according to consensus estimates compiled by brokerage Mizuho.
The pharma inclreased its adjusted profit forecast to between $3.10 and $3.20 per share, up from its prior forecast of $3 to $3.10 per share.