Pfizer said Tuesday it expects to make up to $36 billion this year from its COVID-19 vaccine, which is now the highest-selling drug in the world.
The company released the updated figures on its third quarter earnings teleconference. The new revenue projection is a 7.5% increase from its previous estimate of $33.5 billion in revenue this year.
After making $13 billion on COVID-19 vaccine sales in the third quarter, the company said its total revenue in 2021 from the shot is now at $24.3 billion. Pfizer’s profits on the vaccine could come close to $10 billion on the year, as it reported profit margins in the “high 20s” before accounting for taxes and revenue splits with its partner company, BioNTech.
As for 2022 sales, Pfizer is already projecting $29 billion in revenue, and that’s with more orders to come. The company is contracted to distribute 1.7 billion doses of vaccine next year under current obligations, but has the capacity to produce up to 2.3 million additional doses that could still be purchased. (RELATED: Vaccinating Kids Isn’t The Way To End The Pandemic, Experts Say)
Pfizer CEO warns on conference call that low and middle income countries need to place orders (at steeply discounted or not-for-profit prices) for 2022 to avoid wealthier countries securing most of the supply
— Meg Tirrell (@megtirrell) November 2, 2021
The Pfizer vaccine is highly effective at preventing COVID-19 deaths and is now one of the most profitable pharmaceutical developments in history. Pfizer CEO Albert Bourla warned on the teleconference that poorer countries should hurry to get in their 2022 vaccine orders before rich countries hoard the remaining supply.