United States pharmaceutical giant Pfizer (NYSE: PFE) has announced a record revenue during Q2 2021, reflecting the gains from rolling out the coronavirus vaccine.
The company reported a net profit of $5.56 billion with revenues of $18.98 billion for the second quarter. The vaccines scientifically identified as BNT162b2 contributed a share of 41% of the company’s revenue.
Notably, between 2016 and 2020, Pfizer’s revenue remained relatively flat, growing by 8.2%.
The growth in revenue during the quarter comes after Pfizer signed more deals to supply the vaccine to other countries. The revenue will surge further, considering that the company expects to deliver 2.1 billion doses of the mRNA vaccine this year. Therefore, Pfizer will raise its revenue guidance to $33.5 billion from $26 billion.
The distribution will then expand the company’s revenue guidance to between $78 to $80 billion or an 86- 91% year-over-year growth.
“The second quarter was remarkable in a number of ways. Most visibly, the speed and efficiency of our efforts with BioNTech to help vaccinate the world against COVID-19 have been unprecedented, with now more than a billion doses of BNT162b2 having been delivered globally,” Pfizer CEO Albert Bourla said.
Pfizer revenue projected to soar further
The company’s prospects appear bright, considering there are plans for a booster vaccine authorization. In early July, the company, alongside BioNTech, indicated that it witnessed signs of waning immunity induced by its Covid vaccines.
As the world continues to handle the deal with the delta variant, the two companies are working on a shot to handle the strand.
Compared to other drug manufacturers, Pfizer stood a better chance of recording massive revenue since the company was the first to emerge with the Covid-19. Furthermore, the revenue will remain sizable even if it splits its profits with the vaccine manufacturing partner, BioNTech.