Prifer Inc said on Tuesday it expects to generate $15 billion, or about a quarter of its total revenue this year, from sales of its COVID-19 vaccine co-developed with German partner BioNTech SE.
Revenue from the vaccine, which will become the most sought-after product of drug manufacturers this year, could exceed $ 15 billion if the company signs additional supply contracts.
Pfizer’s goal is to produce two billion doses of vaccine COVID-19 in 2021. Pfizer CEO Albert Bourla said in an interview that the company wanted to be conservative in its goal and is working on many initiatives to exceed the original planned production.
“We have increased the batches we produce per week, doubled production – the yield per batch – dramatically improved our success, improved assembly line processes,” said Frank D’Amelio, CFO.
“We’re still researching all of these things to see what else we can do to make more batches faster,” he added.
Pfizer also said it expects there will be a long-term need for COVID-19 vaccines to combat new variants of the emerging viruses.
The company is launching a study to see if the third dose of COVID-19 given 6 to 12 months after the initial injections could expand and improve effectiveness against more contagious variants circulating in communities around the world. Pfizer / BioNTech is currently given in two doses three weeks apart.
Leading researcher Mikael Dolsten said he believed that mRNA vaccines such as those from Pfizer produced a strong enough immune response to repel currently circulating variants, and that a booster dose, not a revised vaccine, is the right approach for now.
Pfizer expects to deliver 200 million benefits to the US government by the end of May.
To achieve this goal, Reuters estimates it will need to deliver an average of about 10 million doses a week, more than double the speed delivered to the United States by Pfizer and BioNTech by the end of January.
The vaccine, which uses synthetic messenger RNA (mRNA) to elicit an immune response against the virus, was the first vaccine to be approved for emergency use in the United States, marking the first regulatory approval of the new technology.
The mRNA and COVID-19 vaccines could prove transformative for Pfizer, which is already one of the world’s largest drug manufacturers, said CEO Bourla. A potential flu vaccine based on this technology could hit the market by 2025, executives said in a conference call.
Pfizer forecasts revenues of between $ 59.4 billion and $ 61.4 billion in 2021. The company expects a price of $ 3.10 to $ 3.20 per share.