Pfizer has increased 2021 financial guidance for its Covid-19 vaccine candidate BNT162b2 after the product generated $3.5bn in global revenues during the first quarter (Q1) of this year.
The company’s overall revenues increased 45% to $14.6bn in Q1 2021 from $10bn in the same quarter last year, indicating an operational growth of $4.2bn or 42%.
Reported net income also grew 45% to $4.9bn for the three months ended 4 April 2021, with $0.86 diluted earnings per share (EPS).
Apart from the BioNTech-partnered BNT162b2 vaccine, the first quarter operational growth was driven by the company’s Eliquis, Vyndaqel/Vyndamax, Xeljanz, Xtandi, Inlyta, biosimilars and hospital products.
Pfizer’s vaccines generated a total of $4.9bn, oncology products sales fetched $2.9bn and internal medicine business sales reached $2.6bn.
In addition, hospital, inflammation and immunology and rare disease products generated $2.3bn, $1bn and $824m, respectively.
Pfizer Global Supply chief financial officer and executive vice-president Frank D’Amelio noted: “Multiple innovative and biosimilar products across our portfolio delivered growth, demonstrating the strength of our business and the depth and breadth of our growth drivers.”
Projecting further increase in the Covid-19 vaccine sales, Pfizer increased its revenue guidance to $70.5bn to $72.5bn from the previous $59.4bn to $61.4bn.
For BNT162b2, the predicted revenues have increased from $15bn to $26bn, owing to additional supply agreements signed after the previous guidance was published. This includes revenues from 1.6 billion doses of the vaccine set to be delivered this year.
The new guidance also considers partial offset by certain research and development (R&D) costs for Covid-19 vaccines, mRNA-based development programmes and Covid-19 antivirals.
Pfizer chairman and CEO Dr Albert Bourla said: “Even excluding the growth provided from BNT162b2, our revenues grew 8% operationally, which aligns with our stated goal of delivering at least a 6% compound annual growth rate through 2025.
“In addition, we have achieved important clinical, regulatory and commercial milestones across our pipeline and portfolio while also continuing to increase our capacity to supply urgently needed doses of BNT162b2 to the world.”
Last month, GlaxoSmithKline (GSK) reported an 18% year-on-year (YOY) decrease in revenue in the first quarter of 2021 to £7.41bn due to disruption caused by the Covid-19 pandemic.