Pfizer updated its outlook after sales surpassed original projections (Source: Getty)
Pfizer raised its full-year sales forecast 30 percent after demand for the vaccine far exceeded original expectations.
Pfizer (PFE) estimates it will have $ 45 billion in sales by the end of the year.
Last quarter, the company announced that sales were up 92 percent year over year thanks to the global launch of vaccines.
Pfizer CEO Dr. Albert Bourla said the company’s second quarter was “remarkable” in many ways.
“The speed and efficiency of our efforts with BioNTech to vaccinate the world against COVID-19 have been unprecedented, with doses now in excess of a billion [the vaccine] worldwide, ”said Bourla.
“Looking ahead, we remain very confident that we can achieve an average annual growth rate of at least 6 percent through 2025 and intend to build on our recent achievements by continuing to follow science, trust our people, and focus on them To achieve breakthroughs “for the patients we care for.”
Global vaccine rollout
In the United States, about half of the vaccinated population received Pfizer. At this stage, half of the US population is fully vaccinated.
In the UK, around 60 percent of the population is fully vaccinated.
Australia has been a laggard in the global introduction of vaccines with limited supply of the Pfizer vaccine preferred for those under the age of 60.
The botched vaccine rollout cost the economy billions of dollars as NSW was thrown back into lockdown.
The Australian economy is now facing its biggest shock since the depths of the recession last year, as the Sydney lockdown was extended until the end of August.
Economists revised their forecasts for the national economy downwards in the September quarter and expect it to be heading for a sharp decline.
When asked on ABC whether Australians should prepare for a recession, Treasurer Josh Frydenberg said, “We don’t know what’s around the corner when it comes to COVID.”
“And seeing our two largest nations lockdown during the quarter will have a significant economic impact.”
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.
