Pfizer on Thursday reported a second-quarter profit jump after revenue nearly doubled on sales of its Covid-19 vaccine and therapeutic drug Paxlovid.
The drugmaker raised some of its overall financial benchmarks but maintained 2022 sales targets for its two Covid-19 products: $32 billion from the vaccine co-developed with German company BioNTech; and $22 billion from Paxlovid.
The total corresponds to just over half of the total revenue forecast for 2022.
For the quarter ended June 30, earnings were $9.9 billion, up 78 percent from the same period last year, after revenue increased 47 percent to $27.7 billion.
U.S. officials last month granted Pfizer and Moderna emergency use authorization for Covid-19 vaccines in children under five, the last age group to await vaccination in most countries.
Pfizer is currently working on a fall Covid-19 Omicron vaccine booster candidate, pending regulatory approval, company officials said.
Pfizer and German BioNTech have also submitted data for an Omicron vaccine to the European Medicines Agency.
“Pfizer is well positioned to meet its current contractual commitments and potential demand within its manufacturing capacity through the end of the year,” Chief Executive Albert Bourla said in a statement.
Sales of its two Covid-19 products rose during the quarter.
Revenue for the vaccine was $8.8 billion, up 13 percent from the prior-year period, while sales of Paxlovid were $8.1 billion — a big jump from the previous quarter after usage accelerated in the US USA had quintupled.
Shares fell 0.2 percent to $51.43 in premarket trading.
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