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Pfizer gears up for steady revenue stream as COVID vaccine profits surge

Pfizer gears up for steady revenue stream as COVID vaccine profits surge

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NEW YORK (Reuters Health) – Pfizer raised its earnings estimates for 2021 after strong earnings on Tuesday, citing the high selling price of the Covid-19 vaccine as it comes in the wake of epidemics. Sustainable “prepares the income chain.

The pharmaceutical company accounted for about one-fourth of sales of the Covid 19 vaccine on the back of rising revenue in the first quarter.

With its German partner Biotech, the pharmaceutical giant is increasing the production of a large number of vaccines and is now estimated to earn 2021 reven from this vaccine, which was estimated at ڈالر 15 billion in February.

Chief executive Albert Borla told analysts that Pfizer, which it says is seeking US approval for vaccines for people between the ages of 12 and 15, plans to provide booster shots by 2024. ” Basically talking to all the governments of the world. On a conference call

The drug is studying the efficacy of giving these shots six or more months after the vaccine dose and preparing doses that can be stored for up to 10 weeks at standard refrigerated temperatures.

Burla expects a “sustainable demand” for the Covid 19 vaccine, which is similar to the flu vaccine.

“It is our hope that Pfizer biotech vaccines will continue to have a global impact by helping to control catastrophic epidemics and not just keep economies around the world open,” Borla said in remarks prepared before a statement. ۔ ” Conference call after Tuesday

“This will create a scenario in which Pfizer can continue to be both a leader and a beneficiary,” he said.

Pfizer has been praised for its technical prowess in developing game-changing vaccines in record time. However, critics have described the gains as disturbing, as they make a difference in vaccine availability in rich and poor countries.

The head of the World Health Organization, Tedros Azanom Grebesis, last month denied “a dramatic imbalance in the global distribution of vaccines” and called for efforts to strengthen the WHO’s covacs programs, which are aimed at ensuring this. Poor countries can also access this place.

The World Trade Organization has also held meetings on waiving intellectual property rules, which will pave the way for wider production of vaccines.

– Additional supplies –

Pfizer reported net income of 4. 4.9 billion, up 45% from the same period last year.

Revenue also rose 45 percent to 14 14.6 billion, including کو 3.5 billion in sales of the CoV-19 vaccine.

Tuesday’s results include a lift of the Covid 19 vaccine, which has created a “high 20s” profit rate, meaning a profit of about million 900 million in the most recent quarter.

As of May 3, Pfizer and Biotech have shipped approximately 4,430 million doses of the vaccine to 91 countries worldwide.

The company has entered into an agreement with Kovacs, a global effort to acquire the Polish corona virus vaccine, which aims to supply up to 40 million doses to low- and middle-income economies.

However, the company on Tuesday pointed to a number of deals to expand its offer in rich countries.

During the quarter, Pfizer and Biotech agreed on additional supply agreements with the United States and the European Union.

The drugmaker said it had agreed to millions of food aid agreements with Israel in 2022, and an agreement with Canada to supply 125 million doses in 2022 and 2023, with options in 2024.

– Criticism of Profits –

Pfizer has defended its view on vaccine prices, saying it has maintained prices in 2022 through an “epidemic” to encourage greater access.

Pfizer has stated that they value each vaccine in the United States. 19.50, but has not disclosed the profit margin.

Zain Rizvi, a law and policy researcher at the progressive NGO Public Citizen, said Pfizer’s growing profits highlighted the need for governments to take practical steps to save lives.

“Pfizer is taking advantage of the crisis and storage technology, even billions of people around the world go without the vaccine,” Rizvi told AFP in an email.

“Pfizer’s profitable initiatives underscore the urgent need for governments to step in. Governments need to share technology with manufacturers around the world to help increase global production.”

The company is building more capacity and is expected to produce at least three billion doses in 2022, which is now more than the 2.5 billion expected in 2021. In February, Pfizer said it expects to produce up to two billion doses by 2021.

Shares of Pfizer fell 0.1 percent to .7 39.78 in early afternoon trading.