Pfizer sharply increased its 2021 profit projections on Tuesday, citing much higher Covid-19 vaccine sales which are on track to provide a "durable" revenue stream in the wake of the pandemic. The drugmaker reported a jump in first-quarter profits based on surging revenues, with nearly one-fourth of sales coming from Covid-19 vaccines. Bourla expects "durable demand" for Covid-19 vaccines, similar to that of the flu vaccine. Revenues also jumped 45 percent to $14.6 billion, including $3.5 billion in Covid-19 vaccine sales. The results include the lift from Covid-19 vaccines, which generated profit margins of "high-20s," implying around $900 million in profits in the most recent quarter.

Source: Mint May 04, 2021 23:57 UTC