Pfizer’s first quarter revenue have exploded in comparison with last year, setting in stone that it has avoided the much-feared Covid-19 cliff edge.
The natural decline of Covid-19 had spooked investors. However, the US pharmaceutical giant recorded $25.7bn (£20.4bn) in revenue in the first few months of the year.
The figure represents a 77 per cent increase on the $14.5bn (£11.5bn) it pulled in, in the same period last year, with earnings buoyed by its coronavirus vaccine Comirnaty and anti-viral pill Paxlovid.
The famed Covid-19 vaccine maker has thoroughly reaped the economic rewards of the pandemic, anticipating around $50bn (£39.7bn) in sales from its jab alone in 2022.
However, it has sparked some concern from campaigners, over profiteering from the pandemic.
Last week 35 campaigners from Global Justice Now, Act-Up London, Just Treatment and Stop Aids delivered wheelbarrows full of fake money to Pfizer’s UK headquarters in Surrey on the day of the firm’s annual shareholder meeting.
In its latest financial update, the New York-listed firm has reaffirmed its full-year revenue guidance of $98bn (£78.1bn) to $102bn (£81.2bn).
CEO and chairman Albert Bourla said: “We continue to supply the world with Comirnaty, which remains a critical tool for helping patients and societies avoid the worst impacts of the Covid-19 pandemic, and we are on track to fulfill our commitment to deliver at least 2bn doses to low- and middle-income countries in 2021 and 2022, including at least 1bn doses this year.
“In addition, we are delivering on our production commitments for Paxlovid, which is already having a profound impact on the lives of patients.”