Pfizer forecasts $54 billion in revenue in 2022 from Covid-19 vaccine, treatment

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Pfizer Inc.

PFE -2.84%

Forecasting strong sales this year for Covid-19 vaccines and drugs, the drugmaker is hunting deals to boost its supply of experimental products.

Pfizer said on Tuesday that soaring sales of its Covid-19 treatment product and continued demand for its injections will boost the company’s revenue by about $100 billion this year. . The company estimates that sales of the antiviral drug Paxlovid will reach about $22 billion, while the vaccine will grow by an additional $32 billion.

This is higher than last year’s sales of $36.8 billion for the vaccine, also known as Comirnaty, the highest total annual sales for any pharmaceutical product. Paxlovid’s revenue last year was $76 million.

The company has made a number of acquisitions and partnerships recently to strengthen its drug and vaccine supply pipeline, including several partnerships announced last month to promote growing mRNA business. In December, Pfizer said it will be achieved

Arena Pharmaceuticals Inc.

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for $6.7 billion. Pfizer says it has invested $25 billion in business development since 2019.

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With growing cash on hand, Pfizer said its execution strategy will focus on early- and late-stage drugs in areas where the company is focused, such as oncology. study, immunology and rare diseases. The New York-based drugmaker forecasts the new deals will generate $25 billion in additional revenue by 2030.

“We wanted to deploy capital in areas of science where we had expertise so we could target the right,” CEO Albert Bourla said in an interview.

As the number of cases soars, some countries are introducing second booster shots. In Israel, early data suggests that a fourth dose of the vaccine may increase antibodies against Covid-19, but not enough to prevent infection from Omicron. The WSJ explains. Photo compilation: Eve Hartley / WSJ

The prospect of further agreement implementation could address concerns from analysts and investors who are watching what Pfizer does with the windfall from the pandemic. Sales from vaccines and pandemic treatments will decline over time, and the company faces falling revenue as innovative products lose patent protection.

Shares of Pfizer fell more than 4% on Tuesday following its earnings. The drop was due to investors expecting Pfizer’s guidance on earnings per share this year to be between $6.35 and $6.55 higher, according to Evercore ISI analyst Umer Raffat.

“This is our all-time record high,” Chief Financial Officer Frank D’Amelio said of the company’s guidance. He said analysts might have had higher expectations because of the products of the pandemic, but noted that Pfizer’s estimate includes only completed deals.

Pfizer is in discussions with more than 100 countries about Paxlovid, so revenue could be more than $22 billion if it hits more deals.

Paxlovid is approved for use in people in the United States 12 years of age and older who are at high risk for severe illness. The company said it expects to begin studies on the drug for children ages 6 to 18 by the end of March. Pfizer said results from studies of the drug in at-risk adults The risk of severe illness and family exposure will be announced later this year.

Medicine still missingand are hard to find in the US, as Pfizer ramps up production to 120 million treatments this year.

While Pfizer says Paxlovid works safely, and effective against variant Omicron in laboratory studies, it said it was also working on a new treatment. Potential drug designed to combat viral resistance to Paxlovid, requires fewer pills in a course and works without the antiviral ritonavir provided with Paxlovid, but carry safety risk for patients who are taking certain common medications, according to Pfizer.

“We didn’t take any chances; Mr. Bourla said.

The company said it will begin research on a new Covid-19 treatment in the second half of this year.

While Pfizer said demand for the vaccine may decline, it expects growing demand for the treatment. However, the revenue of the two will add up to more than half of the $98 billion to $102 billion annual revenue Pfizer forecasts for 2022. Pfizer says the virus won’t be completely eradicated anytime soon. because it’s so hard to stop, it’s been shown to be mutagenic, and that data shows that natural infections don’t provide the long-term protection needed to prevent transmission and mutation. .

Covid-19 vaccine of Pfizer and partners

BioNTech SE

has grown into one of the most widely used photographs globally. Pfizer booster shots are also the most used in the US Nearly 50 million injections have been used.

In the last three months of 2021, Pfizer’s vaccines generated $12.5 billion in sales, contributing to $23.84 billion in total revenue. A year earlier, Pfizer’s fourth-quarter revenue was $11.63 billion.

Adjusted earnings rose to $1.08 a share, from 43 cents a share in the previous quarter. Analysts polled by FactSet had forecast adjusted earnings of 87 cents a share based on sales of $24.16 billion.

Write letter for Jared S. Hopkins at jared.hopkins@wsj.com and Matt Grossman at matt.grossman@wsj.com

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Ian Walker

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