PFIZER said today it expects US$32 billion (RM133.9 billion) in revenue from Covid-19 vaccines this year as it reported its annual profit had more than doubled to US$22 billion.

The pharmaceutical giant, which with German company BioNTech won approval for the first vaccine to counter the deadly virus, saw its annual revenue nearly double to US$81.3 billion, with US$36.8 billion from the Covid-19 vaccine.

Pfizer also expects US$22 billion in sales of Paxlovid, the company’s pill for Covid-19, this year.

The results are the latest to show how the coronavirus has transformed Pfizer, which a year ago had projected just US$15 billion in Covid-19 vaccines sales in 2021 and ended up selling more than twice that amount after repeatedly lifting the forecast. 

Pfizer’s scientists “continue to monitor the Covid-19 virus and believe it is unlikely that it will be fully eradicated in the foreseeable future”, chief executive Albert Bourla said in a statement.

“That said, we now have the tools – in the forms of vaccines and treatments – that we believe will help enable us to not only better manage the pandemic but also help countries move into the endemic phase,” he said.

“In other words, we believe these tools will help allow us to go back to normality and spend time with family and friends, travel, attend indoor dining and concerts, and enjoy many other activities while lowering the risk of overburdening hospitals and healthcare systems around the world.”

Although Pfizer’s profit per share topped analyst expectations, revenue fell short.

Shares fell 4.1% to US$51.02 in pre-market trading. – AFP, February 8, 2022.