The US pharmaceutical giant Pfizer has doubled its profits last year by selling corona vaccines. The company said in its sales forecast for 2022 on Tuesday that it expects to sell 5 trillion worth of vaccines and drugs this year. The information company AFP reported this information.
Pfizer Covid-19 Vaccines Doubles Profits by Selling
Pfizer has jointly developed the corona vaccine with the German biotechnology company Bioen-tech. It became the primary authorized vaccine for the lethal coronavirus. Their income will be less this year as compared to the recently completed 2021. However, it is expected that the income will increase by selling the Pavsolovid pill.
Chief executive Albert Borla called Pfizer 2021 a “landmark year” and said, “the epidemic has changed our company forever.”
Pfizer made a profit of 2.2 billion last year, more than double that of 2020. The annual income almost doubled to 6.13 billion. The Corona vaccine alone sold for 3.8 billion. The company is forecasting revenue of 9,800 to 10,200 crore dollars this year.
Pfizer’s earnings and profits are seen as the last of how coronavirus has radically changed the company. A year ago, Pfizer predicted it would sell 1.5 billion worth of vaccines in 2021. But at the end of the year, they sold twice as many vaccines as predicted.
Pfizer expects to sell the Covid vaccine for 3.2 billion in 2022 and Paxolovid for 2.2 billion.
Pfizer, which received clearance for the first vaccination to combat the fatal virus with German business BioNTech, expects somewhat reduced vaccine revenues in 2022 compared to the previous year, but a huge influx of money from Paxlovid, the company’s Covid-19 tablet.
Last year, the pharmaceutical company achieved a net profit of about $22 billion, up from $9.1 billion in 2020. Comirnaty sales are expected to climb to $32 billion in 2022, with Paxlovid contributing $22 billion in revenue.