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New York: On Tuesday, Pfizer significantly raised its forecast for the revenue and profit it is expected to reap in 2021, due to the increase in its sales of the Covid-19 vaccine.
The drugmaker now expects to generate $ 26 billion in revenue in 2021 thanks to the vaccine, compared to a previous forecast of $ 15 billion.
Pfizer expects earnings of between $ 3.55 and $ 3.65 per share, up 45 cents.
As was the case with other pharmaceutical companies, Pfizer developed its vaccine at a very rapid pace and is currently studying the possibility of using it in younger age groups. This includes research on the vaccination of healthy children aged 6 months to 11 years.
Pfizer is also researching supplemental doses that may be given six months or more after the first dose is given.
The company’s net income rose 45 percent to $ 4.9 billion.
Revenue increased to $ 14.6 billion, including $ 3.5 billion from sales of the Covid-19 vaccine.
The company reported that it had reached agreements with Israel to provide millions of doses in 2022, and with Canada to supply it with 125 million doses in 2022 and 2023.
Pfizer and its partner Biontec have signed important agreements to supply the United States and the European Union with vaccines.
As of May 3, Pfizer and Biontech had delivered nearly 430 million doses of the vaccine to 91 countries around the world.