Pfizer’s posts $4.9B Q1 profit as vaccine strategy pays off

SELLING vaccines during a pandemic has boosted Pfizer’s bottom line and proven that a strategy it embarked upon over a decade ago is now paying off handsomely.

The New York-based pharmaceutical giant reported Tuesday, May 4, 2021, that it earned US$4.9 billion in the first three months of the year and it dramatically raised its profit forecast for all of 2021 thanks to strong demand for its Covid-19 vaccine. The company, along with its German partner BioNTech, anticipates strong revenue from the vaccine and booster shots for the next three years.

Once viewed as a marketing machine for blockbuster treatments such as Viagra and Lipitor, Pfizer has transformed itself into a powerhouse for delivering drugs that treat cancer, rare diseases — and vaccines.

Pfizer on Tuesday almost doubled its sales projections for the Covid-19 vaccine this year, from $15 billion to roughly $26 billion. The partners expect to be able to deliver about 2.5 billion vaccine doses this year, including 300 million doses for the US, and already are prepping for what could become annual booster shots.