Strong sales of its COVID vaccine helped Pfizer nearly double second-quarter revenue and boost profits by 59% — beating Wall Street projections and leading the drug giant to sharply hike its 2021 sales and profit forecasts.
During a July 28 second quarter earnings call, Pfizer told investors the company has increased its revenue projection, now expected to be in the range of $78 to $80 billion.
The company projected revenue from its COVID vaccine alone will hit $33.5 billion — a 29% jump from the previously estimated $26 billion. Pfizer registered $7.8 billion in COVID vaccine sales in the second quarter, bringing total worldwide sales so far this year to $11.3 billion.
The new profit forecast doesn’t include a contract struck last week with the Biden administration to provide an additional 200 million doses to the U.S.
