Pfizer Inc (NYSE:PFE) has increased annual forecasted sales of its COVID-19 vaccine by $2bn to $34bn amid growing demand for Omicron-targeted booster jabs, but is still facing extensive legal action over side effects caused by its Zantac and Nexium drugs.
Full-year revenues are expected to rise as high as US$102bn following reported third-quarter sales of nearly US$23bn.
David Denton, chief financial officer said: “We continue to make progress toward our goal of adding at least US$25bn in risk-adjusted 2030 revenues to Pfizer’s portfolio through business development.
“Since we last reported earnings, we completed the acquisitions of Biohaven and Global Blood Therapeutics, each of which bring significant scientific breakthroughs to Pfizer.”
However, despite the positive news from its results, the company is currently facing extensive legal action over its supply of Zantac and Nexium which have been found to cause adverse side effects among patients, despite being advertised for years as safe to use.
Pfizer is among multiple companies facing thousands of lawsuits after Zantac, which was on the market until 2019 and used by millions to treat heartburn and acid reflux, was found to increase the risk of cancer in patients.
It is also facing legal challenges over its Nexium drug, used to reduce stomach acid, which allegedly causes kidney damage among patients.
If a settlement is not reached before March 2023, trials will begin over the damages caused to patients affected by the drug.