Notably, he expanded the trial’s recruitment to include people as young as 12 as well as people with chronic stable HIV, hepatitis C, and hepatitis B.
He hopes to know soon whether the vaccine is effective or not in these populations. Pfizer CEO Albert Bourla previously said the company expected to knowat the end of October.
Pfizer already has contracts with the United States, the European Union and a dozen countries to supply hundreds of millions of doses of the vaccine next year, assuming it gets approval.
The maker of the world’s best-selling vaccine, Prevnar 13, for the prevention of pneumonia and related bacterial diseases, reported net profit of $ 2.2 billion, or 39 cents per share, from $ 7.7 billion. dollars, or $ 1.36 per share, in the third quarter of 2019.
Excluding non-recurring items, adjusted earnings were $ 4.1 billion, or 72 cents per share. That beat Wall Street expectations by 2 cents, according to a survey by Zacks Investment Research.
Revenue totaled $ 12.1 billion, down 4% from $ 12.7 billion in the quarter last year.
Pfizer said it now expects 2020 adjusted earnings per share of $ 2.88 to $ 2.93, adjusted from its July forecast of $ 2.85 to $ 2.95. It expects revenue of $ 48.8 billion to $ 49.5 billion, down from its previous forecast of $ 48.6 billion to $ 50.6 billion.
The largest U.S. drugmaker by revenue is in the process of separating from its established product business, which primarily sells non-patented drugs, to combine it with generic drugmaker Mylan.
This deal is expected to be concluded by the end of the year, leaving Pfizer about 20% smaller, more nimble and more focused on developing innovative drugs. Pfizer expects to be able to grow revenue by at least 6% per year through 2025 through the transformation.
Pfizer stock has fallen 3% year-to-date, while the S&P 500 index has risen just over 5%. The stock has climbed 4% in the past 12 months.