Pfizer raises sales forecast for COVID vaccines

Pfizer sharply increased its projections for 2021 revenues and profits on Tuesday, citing much higher COVID-19 vaccine sales as it targets the inoculations as a “durable” revenue stream.

The drugmaker now estimates 2021 revenues of $26 billion from the vaccine, up from $15 billion previously.

Pfizer now sees profits of between $3.55 and $3.65 a share for the year, an increase of 45 cents from the previous estimate.

CEO Albert Bourla expects “durable demand” for COVID-19 vaccines, similar to that of the flu vaccine. The company is ramping up capacity for the shots, which were developed with German company BioNTech. “It is our hope that the PfizerBioNTech vaccine will continue to have a global impact by helping to get the devastating pandemic under control,” Bourla said.