Pfizer Inc (PFE)

[Pennyes]

Pfizer's posts $4.9B 1Q profit as vaccine strategy pays off
Linda A. Johnson - Associated Press - Tue May 4, 3:34PM CDT

The New York-based pharmaceutical giant reported Tuesday that it earned $4.9 billion in the first three months of the year and it dramatically raised its profit forecast for all of 2021 thanks to strong demand for its COVID-19 vaccine. The company, along with its German partner BioNTech, anticipate strong revenue from the vaccine and booster shots for the next three years.

Pfizer on Tuesday almost doubled its sales projections for the COVID-19 vaccine this year, from $15 billion to roughly $26 billion. The partners expect to be able to deliver about 2.5 billion vaccine doses this year, including 300 million doses for the U.S., and already are prepping for what could become annual booster shots.

Pfizer got into the low-profile, low-profit vaccine field in 2009 when it acquired Wyeth and its then-experimental pneumococcal vaccine. That vaccine, Prevnar, which protects against ear, bloodstream and other pneumococcal infections, was approved by the U.S. the following year. It became the world’s most lucrative vaccine with annual sales of about $5 billion — once unheard of.