Here’s how vaccines inflate Pfizer’s accounts
What do the economic results of the giant Pfizer show in the third quarter of the year
Pfizer's earnings continue to soar. Thanks to the close agreements for the booster doses and in view of the administration of its vaccine also to children , the US giant has increased its sales forecasts for its vaccine by 7.5% for the whole year. In the approximately 172 years of the company's history, the anti Covid serum has become one of the best-selling products.
THE PFIZER ACCOUNTS
Financial results for the third quarter of the year show a leap for the US company. As reported by Radiocor-Sole24Ore , Pfizer “has increased the forecast for 2021 of revenues and adjusted diluted earnings per share reflecting updated expectations for the contributions to the performance of the anti Covid vaccine with BioNTech”.
Revenues for the third quarter, writes the business daily, “stood at 24.1 billion dollars, with an operating growth of 134%, excluding Comirnaty, revenues grew by 7% at an operating level to 11.1 billion. Net income jumped to 8.15 billion from 1.47 billion in the third quarter of 2020. Adjusted diluted earnings per share is $ 1.34. Pfizer increases full-year guidance for revenue to range from $ 81 to $ 82 billion (previous estimate from $ 78 to $ 80 billion) and for diluted adjusted profit in a range from $ 4.13 to $ 4.18 (from $ 4.13 to $ 4.18). 3.95-4.05 dlr), for growth of 94% and 84% respectively ".
Pfizer now expects total vaccine revenue to be $ 36 billion by 2021, up from $ 33.5 billion in 2020.
FORECASTS
The company, writes France24 , expects to deliver 2.3 billion doses in 2021 – 200 million more than the previous forecast in July.
The FDA last Friday gave the green light to administer Pfizer to children aged 5 to 11, thus paving the way for 28 million young Americans who will soon receive the vaccine.
For Covid vaccine projects and other related mRNA-based projects, Pfizer increased its R&D budget by $ 400 million this year, now estimating spending in the range of 10.4 to 10. 9 billion dollars.
THE CEO'S COMMENT
"While we are proud of the performance in our third quarter, we are even more proud of what these financial results represent in terms of the positive impact we are having on human lives around the world," said Albert Bourla , president and chief executive officer of Pfizer.
“Our ultimate goal – he continued – is to help end this pandemic as quickly as possible, but also to apply the lessons we have learned through our vaccine work to all of our therapeutic areas. We look forward to providing future updates on these efforts ”.
THE FINANCIAL DIRECTOR'S COMMENT
“I continue to be very satisfied with the performance of our business in 2021, both including and excluding the significant contributions of Comirnaty to our results. In addition to increasing our revenue expectations and diluted adjusted EPS, including Comirnaty, today we are also increasing the average range of our guidance for adjusted diluted EPS, excluding Comirnaty, for the second consecutive quarter, demonstrating our ability to carry on. our broader strategies beyond the vaccine, ” said Frank D'Amelio , chief financial officer and executive vice president.
“We continue to make progress in the internal pipeline across all therapeutic areas while prudently deploying our capital through partnerships and acquisitions to gain access to cutting-edge platforms, science and technologies that could support our growth in the second half of this decade. I am proud of what we have achieved in 2021 – he concluded – and I can't wait to finish the year in a great way ”.
THE CRITICISM OF PFIZER
Pfizer's satisfaction is contrasted by the indignation of many others. Indeed, while Pfizer's financial performance has thrived thanks to its vaccine, the company has been criticized by nongovernmental organizations for putting profits above public health in its dealings with governments.
A recent Public Citizen report, cited by France24 , accused the company of 'bullying' the authorities and called on the US government to take on a more prominent role.
THE DEFENSE OF PFIZER
Pfizer, through a press release, defended its actions saying it intends to sell a billion doses to the US government "at a non-profit price to be donated to the world's poorest nations at no cost to those countries" .
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/ecco-come-i-vaccini-gonfiano-i-conti-di-pfizer/ on Tue, 02 Nov 2021 15:19:44 +0000.