Pfizer posts record revenue with COVID antiviral, vaccine sales

Thu, 28 Jul 2022 20:44 GMT
US-based pharmaceutical firm earns $8.8B from COVID-19 vaccines, $8.1B from oral medication Paxlovid
Pfizer posts record revenue with COVID antiviral, vaccine sales

Pfizer posted a record revenue in the second quarter of 2022 with sales of COVID-19 antiviral treatment Paxlovid and vaccines, according to its financial results statement released on Thursday.

The US-based pharmaceutical company earned $8.8 billion from its COVID-19 vaccines, and $8.1 billion from its oral medication Paxlovid.

This carried the company's total revenue to $27.7 billion in the second quarter, which is up 46.5% from $18.9 billion the same period of last year.

Net income jumped approximately 80% to $9.9 billion, from $5.5 billion, during that period.

Chairman and CEO Albert Bourla said the company launched an initiative to bring its patented medicines and vaccines to 1.2 billion people living in 45 lower-income countries around the world at not-for-profit prices.

The company reaffirmed its 2022 total revenue expectations for its COVID-19 vaccine sales at $32 billion and $22 billion for Paxlovid.

Pfizer and its German partner BioNTech announced on June 29 to provide the US government with 105 million doses of vaccine for $3.2 billion.

While the US government also has the option to purchase up to 195 million additional doses, the deal may include adult omicron-adapted COVID-19 vaccine that is subject to authorization from the Food and Drug Administration.

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