Pfizer on Wednesday said it expects to deliver 2.1 billion doses of its COVID-19 vaccine in 2021, with plans to manufacture a total of 3 billion by the end of 2021. The projection was made in the company’s second-quarter earnings report, which saw income of $19 billion.
The company said it anticipates earning about $33.5 billion in revenue from its vaccine this year.
The shares are heading for the highest closing price since December of 2018.
"The second quarter was remarkable in a number of ways," Pfizer CEO Dr. Albert Bourla said in a statement. "Most visibly, the speed and efficiency of our efforts with BioNTech to help vaccinate the world against COVID-19 have been unprecedented, with now more than a billion doses of BNT162b2 having been delivered globally. In addition, we are equally proud of the second-quarter performance of our business excluding BNT162b2, which posted 10% operation revenue growth."
Among recent company developments, Pfizer noted the June launch of a Phase 2/3 study of its COVID-19 vaccine in children ages 6 months to 11 years old and said it expects to have enough data to apply for an expanded emergency use authorization for children ages 5 to 11 years old by the end of September. The company also noted that ongoing trials involving a booster dose of its vaccine have demonstrated increased protection against the delta variant.
"Initial safety and immunogenicity data from the study demonstrate that a booster dose given at least 6 months after the second dose has a consistent tolerability profile while eliciting high neutralization titers against the wild type and the Beta variant, which re 5 to 10 times higher than after two primary doss," the news release stated. "In addition, newly disclosed data demonstrates that a third dose elicits neutralizing titers against the Delta variant that are more than five times higher in younger people and more than 11 times higher in older people than after two doses."
The news release said Pfizer and BioNTech plan to share the data with the FDA and European health regulators in the coming weeks.
Pfizer said it now expects adjusted full-year earnings in the range of $3.95 to $4.05 per share, up from its May forecast of $3.55 to $3.65 per share, and revenue in the range of $78 billion to $80 billion, up from $70.5 billion to $72.5 billion, according to The Associated Press.