Pfizer Expects Annual Revenue of Over $100 Billion, But Analysts are Disappointed
Pharmaceutical company Pfizer, which has developed both a corona vaccine and an oral therapy to treat COVID-19, expects profits of 6.35 to 6.55 dollars per share this year.
Turnover is expected to be $102 billion. These are record numbers, but analysts reacted with disappointment because they had expected even more profit and turnover.
However, a turnover of more than 100 billion dollars is an important milestone for the company. This is about a doubling compared to the period before the corona pandemic. The strong growth is largely due to the products – a vaccine and a pill – in the fight against COVID-19.
Pfizer was already able to conclude contracts for $ 32 billion this year to deliver its vaccine (Comirnaty) and 22 billion for the pill Paxlovid.
Last year, Pfizer realized revenues of $81.3 billion, the company announced Tuesday. Almost half of this comes from corona-related products. Pfizer remains the largest pharmaceutical company in the world in terms of turnover. Net profit for the year increased from $9.2 billion in 2020 to $22 billion last year.
Pfizer’s share fell 4.7 percent in pre-market trading. Other pharmaceutical companies such as vaccine partner BioNTech and competitor Moderna also saw their share price fall.