Pfizer (NYSE:PFE) stock came off earlier lows in premarket trading Wednesday and was down 0.4% as the company raised its annual guidance and pegged revenue from sale of its COVID-19 vaccines at approximately $33.5 billion.
The revenue from COVID-19 vaccines reflects 2.1 billion doses expected to be delivered in 2021 under already-signed contracts as of middle of this month. It could supply up to 3 billion doses if expansion at current sites happens and new suppliers are added, Pfizer said.
The vaccine contributed $7.83 billion in revenue during the second quarter.
Expenses and profit from the vaccine are split equally between Pfizer and BioNTech (NASDAQ:BNTX).
Pfizer raised its 2021 guidance for revenue to a range of $78 billion to $80 billion and adjusted diluted earnings per share to $3.95-$4.05. This only factors in the revenue from COVID vaccines already contracted.
It had earlier guided for revenue to come between $78 billion and $80 billion.
Second-quarter revenue at the pharmaceutical giant rose 92% from a year ago to $18.97 billion.
COVID shots aside, Pfizer’s revenue was also boosted by growth in its pneumococcal vaccine Prevnar and oncology businesses as people attended to health issues they had been putting off in the pandemic.
Excluding revenue from the COVID vaccine BNT162b2, revenue grew 10% operationally to $11.1 billion.
Adjusted diluted earnings per share came at $1.07, beating the estimate of 96 cents.
By Dhirendra Tripathi, 28 July 2021. Investing.com