Pfizer sees huge demand for Covid-19 pill as profits rise

Pfizer reported another quarter of huge revenue gains due to the Covid-19 vaccine

Pfizer executives said on Tuesday they are confident in strong demand for the company’s Covid-19 antiviral treatment amid easing of pandemic rules, as the big drugmaker reported another round of strong earnings.

The US pharmaceutical giant, which reported surging first-quarter profits based on a big jump in revenue from its Covid-19 vaccine, said its Paxlovid treatment for the virus would be a valuable means for governments to limit the severity of outbreaks as they ease social distancing. and masking rules.

Citing the rise in vaccine fatigue, Bourla said the company is also focusing on a Covid-19 vaccine booster that provides immunity for a year.

read next

“There is tremendous pressure around the world to get our lives back,” Bourla said of the social and political impetus to relax rules on the pandemic. “As a result of these things, it is very clear that we will have waves” of covid-19 infections.

The US drugmaker reported first-quarter profit of $7.9 billion, up 61%, based on a 77% rise in revenue to $25.7 billion.

But the company confirmed its full-year revenue forecast of around $100 billion, which represents an increase of about 23 percent from the 2021 level. More than half of the revenue is expected to come from Covid-19 vaccine and therapeutics.

In the first quarter, Paxlovid had $1.5 billion in global sales. But Pfizer expects sales of the drug in 2022 to reach $22 billion as production and distribution ramps up.

The treatment has received emergency or conditional approval in 40 countries so far, the company said.

“What we’re also seeing is that we don’t have any inventory on hand,” Hwang said. “Every dose we produce is being shipped.”

But company officials said the data so far suggests the number of cases is small and may have to do with unusual characteristics of the patient rather than the drug itself.

But the WHO said it was “extremely concerned” that low- and middle-income countries would be “pushed to the back of the queue” amid global supply shortages.


read next

Leave a Comment