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Pfizer (PFE, $48.01) on Tuesday raised its forecast for 2022 sales of its COVID-19 vaccine by $2 billion to $34 billion and said new deals and drugs in development should help replace future declining vaccine sales and lost revenue from patent expirations.
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The company raised the lower end of its sales guidance and now expects revenue of $99.5 billion to $102 billion for the year. The US drugmaker's shares rose 2.7% to $47.84 as its third-quarter profit beat estimates, mainly due to higher-than-expected sales of the vaccine it shares with German partner BioNTech.
02 Nov 2022
PFE
A Double Booster
Pfizer beats earnings
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Why it matters
Despite the earnings bump Pfizer is expected to face the loss of patent protections for some key drugs between 2025 and 2030. The company has turned to deals such as its recent $5.4 billion acquisition of Global Blood Therapeutics Inc and its $11.6 billion purchase of Biohaven to beef up its pipeline of future products.