Pharmaceutical giant Pfizer (NYSE:PFE) has raised the full-year sales forecast for its COVID-19 vaccine by 7.5% to $36 billion U.S., as it signs deals with countries for booster shots and receives clearances for using its vaccine in children.
The company had previously forecast sales of $33.5 billion U.S. from the vaccine it manufactures and sells with BioNTech (NASDAQ:BNTX).
Driven by an unprecedented vaccination drive against the COVID-19 virus globally, Pfizer’s vaccine has quickly become one of the best-selling products in the company’s 172-year history.
Pfizer, which is known for prescription drugs such as Xanax and Viagra, equally splits expenses and profit with its German partner BioNTech.
Pfizer said it expects to deliver 2.3 billion doses of the vaccine this year.
Rival vaccine makers such as Moderna and Johnson & Johnson have faced production snags recently, helping Pfizer extend its lead in signing supply deals with countries around the world.
Pfizer is also rolling out booster doses of the vaccine, while waiting for a decision from a U.S. regulator on using its shots in children ages five to 11.
Pfizer’s vaccine brought in sales of $13 billion U.S. in this year’s third quarter. Analysts had expected sales of $10.88 billion U.S. on average, according to Refinitiv data.
