In view of Ruvic | Reuters
Releasing its first quarter financial results, the company also reported $ 3.5 billion in sales of its Covid-19 vaccine in the first quarter and reported profits and revenues that exceeded Wall Street expectations.
Here’s how Pfizer did compared to what Wall Street expected, according to average estimates compiled by Refinitiv:
- Adjusted EPS: 93 cents per share vs. 77 cents expected
- Turnover: $ 14.58 billion against $ 13.51 billion expected
The company now expects annual sales of the vaccine of $ 26 billion, up from its previous forecast of around $ 15 billion.
Pfizer shares rose 1.4% after the news.
Pfizer reported double-digit sales growth for many of its cancer drugs, including Inlyta, Bosulif and Lorbrena.
The company received US authorization for its Covid vaccine at the end of December. Since then, the company has distributed millions of doses in the United States, with the goal of delivering 300 million doses by the end of July.
Usually, it takes the Food and Drug Administration almost a year or more to determine if a drug is safe and effective for use in the general public. But due to the once-in-a-century pandemic, which killed nearly 600,000 Americans, the FDA cleared the injections for use under an Emergency Use Clearance, or EUA.
An EUA grants conditional approval based on two months of data. It’s not the same as applying for an organic license, or BLA, which requires six months of data and gets full approval.
If the vaccine is fully approved, it sets the stage for the company to start advertising vaccines directly to consumers and changing prices. It also allows the shot to remain in the market after the pandemic is over and the United States is no longer considered an “emergency.”
This is a developing story. Please come back for updates.