Pfizer Inc (NYSE:PFE) reiterated its estimate the (coronavirus) COVID-19 vaccine it developed with BioNTech (NASDAQ:BNTX) will generate $32 billion in revenue in 2022, according to first-quarter results released Tuesday. The static guidance comes after four consecutive quarters of increasing its projection in 2021.
The pharmaceutical giant also maintained its guidance for sales of its COVID-19 pill paxlovid, which it expects to generate $22 billion. Analysts on average projected $26.1 million, Reuters reported.
That decision could represent declining public fear of COVID-19, which could mean a lack of new sales contracts in the quarter. It all creates uncertainty about whether Pfizer will hit its forecasts, according to a research note from Citi analyst Andrew Baum.
READ: Why the world’s largest trio of vaccine makers failed on Covid-19
The pharma giant reported group sales of US$25.7bn in the first quarter of 2022, an increase of 77% on this time last year, with a US$13.2bn contribution from the coronavirus jab.
Shares of Pfizer dipped Tuesday morning but rebounded, increasing 2.4% to $49.49 by noon.
Pfizer CEO Albert Bourla told investors on a conference call that the firm saw an increase in paxlovid use in the U.S. and added that some countries requested more treatment courses, according to reports.
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