Pfizer raised its 2021 forecasts based on surging demand for COVID-19 vaccines.NEW YORK - Pfizer sharply increased its 2021 projection for revenues tied to its COVID-19 vaccine on Wednesday, forecasting the delivery of 500 million more doses compared with earlier expectations.
The US drugmaker, which has partnered with Germany's BioNTech on the vaccine, estimates delivering 2.1 billion doses, generating $33.5-billion in sales. The company's May forecast was for $26-billion in sales.READ:Pfizer Chief Executive Albert Bourla said more than a billion doses of the vaccine have been delivered, saying"the speed and efficiency of our efforts with BioNTech to help vaccinate the world against COVID-19 have been unprecedented.
Pfizer said the pre-tax profit margin on the COVID-19 vaccine sales was in the"high-20s" in terms of percent, the same as the earlier forecast. The drugmaker reported second-quarter profits of $5.6-billion, up 59 percent from the year-ago period on 92 percent increase in revenues to $19 billion.
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