Pfizer has increased profit 59% and nearly doubled second-quarter revenue, surpassing Wall Street expectations and resulting in the The pharmaceutical giant dramatically increasing sales and profit forecasts for the year.
The COVID-19 vaccine has been a substantial part of this year's sales, with the company bringing in $7.84 billion from sales and revenue split with German partner BioNTech, AP according to the Associated Press.
The two-does vaccine is expected to bring in $33.5 billion in revenue for the 2.1 billion doses it’s contracted to provide by year end.
Pfizer Chief Executive Albert Bourla called the quarter “remarkable,” with end-of-year revenue range now between $78 billion to $80 billion, up from $70.5 billion to $72.5 billion.
Tests are ongoing for a booster shot six months after the second dose, and a children's vaccine for 5 to 11-year-olds is expected to be emergency authorized in September.
Other products have contributed to the company's huge earnings as well, including their breast cancer drug Ibrance, Pfizer’s pneumonia vaccine Prevnar 13 and other drugs used to treat rare diseases.