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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.