Pfizer profit surges, reaffirms sales forecast for Covid-19 products

PFIZER on Thursday (Jul 28) reported a 78 per cent jump in profit and reaffirmed the combined 2022 sales forecast of US$54 billion for its Covid-19 vaccine and pill, as countries rushed to sign contracts to prepare for a surge of cases in the fall season.

Shares rose 1.8 per cent in premarket trading as overall net income rose to US$9.91 billion despite a stronger US dollar, thanks to strong demand for the vaccine as well as its antiviral treatment Paxlovid.

Demand for the pill, which was used by President Joe Biden during his bout of Covid-19 infection, has picked up recently in the United States and other countries due to fresh outbreaks.

Pfizer has been banking on demand for vaccine boosters to drive up sales for the next few years.

The company and its partner BioNTech last month signed a US$3.2 billion deal with the US government for 105 million doses of their vaccine, which includes supply of retooled Omicron-adapted booster, pending regulatory clearance. REUTERS