Pfizer, the world’s second-largest pharmaceutical company, reported a $5.6B profit in Q2'21 on Wednesday. Total revenue was $19B, a 92% increase YoY, and its earnings of 98 cents per share was a 59% increase YoY.
- Pfizer sold $7.8B worth of COVID-19 vaccines and increased its 2021 sales forecast for the vaccine from $26B to $33.5B.
- The oncology and internal medicine units reported $3.1B and $2.4B in revenue, respectively.
- Its hospital units regenerated $2.2B in revenue, a 21% increase YoY.
- Pfizer has paid out $4.4B in dividends or 78 cents per share so far this year.
- Following the report, Pfizer's shares rose 2.5%.
- Earlier this month, Pfizer noted that it was seeing signs of decreased immunity in patients who received its COVID-19 vaccine and planned to ask the FDA to authorize a booster shot for individuals.
- During the earnings call on Wednesday, Pfizer executives mentioned people will need a third dose of the vaccine within 12 months to maintain a high immunity from the virus.
- Pfizer developed the vaccine with German drugmaker BioNTech. The FDA approved it in Dec. 2020.
- In March, Pfizer reported the cost of research and development for the vaccine was ~$1B.