Pfizer raises sales prediction for COVID-19 vaccine

Pfizer Inc's annual sales prediction for its COVID-19 vaccine increased by $2 billion to $34 billion. This helped ease some investors' worries about vaccine sales.

Pfizer's profit in the third quarter exceeded estimates. The main reason is in sales of the vaccine, which are higher than expected. As a result, Pfizer stocks rose by more than 3%.

Stocks of competitors producing vaccines against COVID-19 also increased due to optimistic earnings. Novavax Inc grew by 11% and Moderna Inc added about 4%.

In comparison to the pandemic maximum, sales of the COVID-19 vaccine have decreased. This caused caution about demand over the next few years.

The price of Pfizer's vaccine is planned to increase about fourfold. The company sells the vaccine with German partner BioNTech in the United States. Purchases of the vaccine will move to the private market when the government stops buying it.

CEO Albert Bourla stated that COVID-19 vaccines will stay multi-billion-dollar income generators for the near future.

COVID-19 vaccine sales totaled $4.40 billion in the third quarter. They exceeded the $2.60 billion prediction.

Nevertheless, the sales prediction for the COVID-19 Paxlovid pill was $7.66 billion. Actual sales brought $7.51 billion, which is below the forecast.

Pfizer's earnings prediction was $1.39 per share. The company's actual earnings are $1.78 per share.