Pfizer tops third quarter estimates after revenue more than doubles thanks to COVID vaccine sales

In its most recent quarter, Pfizer beat estimates and has raised its 2021 forecast after global sales of its COVID-19 vaccine pushed its revenue to more than double, to $24.1 billion.

The Midtown East company reported 134% year-over-year revenue growth in the third quarter, driven largely by global COVID vaccine sales of nearly $13 billion, according to financial results released early Tuesday.

Pfizer, which evenly splits gross profits from the two-dose vaccine with co-developer BioNTech, now expects full-year vaccine sales to hit $36 billion, up from its previous forecasts of $33.5 billion, made during the second quarter, and $26 billion, projected in the first quarter.

Adjusted earnings were $1.34 per share, up 129% year over year, beating earnings estimates of $1.08 per share on roughly $22.6 billion in sales from analysts surveyed by FactSet.

The growth comes despite U.S. sales of the COVID vaccine slipping from more than $2 billion in the second quarter to under $1.6 billion during the third quarter. That trend could be reversed now that federal authorities have cleared a third dose for certain vulnerable populations and a smaller dose for use in children ages 5 to 11. The U.S. Centers for Disease Control and Prevention will vote today on its use and rollout for the age-group.

The U.S. government has already bought 115 million children's doses of the Pfizer vaccine, which is the only one to have received emergency-use authorization for the age-group.

Pfizer now expects full-year revenue of $81 billion to $82 billion and adjusted earnings of $4.13 to $4.18 per share.

Company shares were up 3% in premarket trading on the results.

This story first appeared in our sister publication, Crain's New York Business.