Pfizer Inc. significantly increased revenue projections from its Covid-19 vaccine for the year, as sales from the shot over the first three months of 2021 lifted the company to a stronger quarterly profit.
Pfizer said Tuesday that its vaccine, the most widely distributed of the three that have been authorized for use in the U.S., contributed revenue of $3.5 billion in the first three months of 2021 as the U.S. vaccination campaign kicked into high gear. Over the course of the full year, Pfizer now expects the vaccine to generate $26 billion in sales. It had previously forecast $15 billion in sales from the vaccine.
Rising vaccine sales joined better results across the company’s portfolio of drugs to boost Pfizer’s revenue overall. Total revenue for the first quarter came in at $14.58 billion, climbing 45% year over year. Stripped of one-time items, Pfizer’s adjusted profit in the quarter was 93 cents a share.
Analysts surveyed by FactSet had been forecasting an adjusted profit of 78 cents a share on sales of $13.62 billion.
Apart from the company’s success with its Covid-19 vaccine—a two-dose shot that it developed with BioNTech SE —sales also rose in Pfizer’s divisions for oncology, internal medicine and hospital products, along with sales of other drugs in its portfolio. Sales for Eliquis, an anticoagulant, rose 25% operationally year over year, while Vyndaqel, used to treat heart failure, saw revenue improve 88% operationally year over year.