Economy 38 minutes ago (Nov 01, 2022 07:40AM ET)
© Reuters. FILE PHOTO: A 3D printed Pfizer logo is placed near medicines from the same manufacturer in this illustration taken September 29, 2021. REUTERS/Dado Ruvic/Illustration
(Reuters) -Pfizer Inc on Tuesday raised full-year estimates for sales of its COVID-19 vaccine by $2 billion to $34 billion, encouraged by demand for its new Omicron-focused booster shots.
The company maintained its full-year sales forecast for COVID-19 pill Paxlovid at $22 billion.
Even as demand for original coronavirus vaccines falls in parts of the world, the rollout of Pfizer (NYSE:)’s Omicron-tailored boosters is underway in the United States and Europe.
“Our COVID-19 franchises will remain multi-billion-dollar revenue generators for the foreseeable future,” Chief Executive Officer Albert Bourla said as part of prepared remarks ahead of a conference call.
That should help shield Pfizer from any unforeseen challenges with other products, Bourla added.
Pfizer is expected to face the loss of patents for some key drugs between 2025 and 2030, and has been striking deals such as its recent $5.4 billion acquisition of Global Blood Therapeutics (NASDAQ:) Inc and its $11.6 billion deal for Biohaven.
Recent and future deals are expected to add $25 billion to Pfizer’s 2030 sales on a risk-adjusted basis, according to the company.
The company reported third-quarter sales of $22.60 billion, beating analysts’ estimates of $21.04 billion, according to IBES data from Refinitiv.
Third-quarter sales of the COVID-19 vaccine, which Pfizer sells with BioNTech, came in at $4.40 billion, blowing past estimates of $2.60 billion, according to five analysts polled by Refinitiv.
However, Paxlovid, the company’s pill to reduce the risk of severe COVID-19, brought in sales of $7.51 billion, missing estimates of $7.66 billion.
Pfizer earned $1.78 per share in the third quarter, beating estimates of $1.39 per share.