NEW YORK — Pfizer sharply increased its 2021 profit projections on Tuesday, citing much higher Covid-19 vaccine sales which are on track to provide a “durable” revenue stream in the wake of the pandemic.
The drugmaker reported a jump in first-quarter profits based on surging revenues, with nearly one-fourth of sales coming from Covid-19 vaccines.
With German partner BioNTech, the pharma giant is ramping up vaccine production and now estimates 2021 revenues of $26 billion from the vaccine, up from the $15 billion projected in February.
But the surging profits have drawn criticism as governments face pressure to step in to ensure vaccines are provided to unders…
Keep on reading: Pfizer sees COVID-19 as ‘durable’ revenue stream as profits rise