Pfizer's 2021 profits doubled to $22 bn on strong Covid vaccine sales

Pfizer forecast more than $50 billion in 2022 sales for its Covid-19 vaccine and therapeutic on Tuesday as the giant pharma company reported a more than doubling of annual profits on strong vaccine sales.

Pfizer, which with German company BioNTech won approval for the first vaccine to counter the deadly virus, sees slightly lower 2022 revenues for the vaccine compared the just-finished year, but a big infusion of revenues from Paxlovid, the company’s pill for Covid-19.

“2021 was a watershed year for Pfizer,” said Chief Executive Albert Bourla in a statement. “Our successes in leading the fight against Covid-19 have not only made a positive difference in the world; I believe they have fundamentally changed our company forever.”

Pfizer reported annual profits of $22 billion, more than double the 2020 level. Annual revenues nearly doubled to $81.3 billion, with $36.8 billion from the Covid-19 vaccine.

The results are the latest to show how the coronavirus has transformed Pfizer, which a year ago had projected just $15 billion in Covid-19 vaccines sales in 2021 and ended up selling more than twice that amount after repeatedly lifting the forecast.

For 2022, Pfizer expects $32 billion in revenue from Covid-19 vaccines and $22 billion in revenues from Paxlovid.

Bourla said the company is currently working on a new Omicron-based vaccine candidate for Covid-19, as well as a new “potential next-generation oral Covid-19 treatment.”

The company expects to produce 120 million treatment courses for Paxlovid, with six million in the first quarter and 30 million the first half of 2022.

Pfizer’s scientists “continue to monitor the Covid-19 virus and believe it is unlikely that it will be fully eradicated in the foreseeable future,” Bourla said.

“That said, we now have the tools — in the forms of vaccines and treatments — that we believe will help enable us to not only better manage the pandemic but also help countries move into the endemic phase,” Bourla said.

“In other words, we believe these tools will help allow us to go back to normality and spend time with family and friends, travel, attend indoor dining and concerts, and enjoy many other activities while lowering the risk of overburdening hospitals and healthcare systems around the world.”

Although Pfizer’s profit per share topped analyst expectations, revenues fell short.

The company projected 2022 revenues of between $98 and $102 billion.

Shares fell 5.2 percent to $50.42 in early trading.