The pharmaceutical giant’s Q2 revenues reached $19bn, reflecting 86% operational growth thanks to the COVID-19 vaccine which contributed $7.8bn in direct sales and alliance revenues.
Excluding the COVID-19 vaccine, revenues grew 10% to $11.1bn.
2.1 billion doses now on order for 2021
Pfizer’s earlier revenue estimates of $26bn for the COVID-19 vaccine was based on orders placed to mid-April. However, with additional supply agreements signed since then, the company has now updated its revenue estimate for the year to $33.5bn.
This comes from around 500m more doses that have been ordered since the last quarterly report: with 1.6 billion doses on order in April rising to 2.1 billion doses at the latest count in mid-July.
As manufacture and deliveries gather pace, so have Pfizer's revenues from the vaccine.
- Q4, 2020: $154m*
- Q1, 2021: $3.5bn
- Q2, 2021: $7.8bn
* vaccine authorized at the end of the quarter
Pfizer notes this figure could rise again as additional contracts are signed.
More than one billion doses of the vaccine have been delivered to date by the two partners. Based on current projections, Pfizer and BioNTech expect to manufacture in total up to 3 billion doses by the end of December 2021, subject to continuous process improvements, expansion at current facilities and adding new suppliers and contract manufacturers.
And CEO Albert Bourda told analysts in yesterday's earnings call that he is confident that all 3 billion doses will be allocated. However, many of these are now set to go to middle or lower income countries with pricing in line with incomes or not-for-profit (more than 1 billion doses, or around 40% of total 2021 production, is likely to go to these countries).
Outside vaccine revenues
With the evolving revenues for the COVID-19 vaccine, Pfizer has updated its current 2021 financial guidance for the overall business from the region of $70.5bn - $72.5bn (as set out in May) to $78-$80bn. Taking the midpoint of the guidance range, this would represent 89% growth on 2020 revenues.
While the spotlight is on the COVID-19 vaccine, the company highlights 10% operational revenue growth for the business in the quarter excluding BNT162b2.
Highlights in Q2 include 77% growth for Vyndaqel/Vyndamax worldwide, primarily driven by continued strong uptake of the transthyretin amyloid cardiomyopathy indication in the U.S., developed Europe and Japan.
Biosimilars globally grew 88% operationally to $559m, primarily driven by recent oncology monoclonal antibody biosimilar launches of Zirabev (bevacizumab), Ruxience (rituximab) and Trazimera (trastuzumab) globally, as well as continued growth from Retacrit (epoetin) in the US.
Inlyta, meanwhile, was up 29% operationally across the globe, primarily reflecting increased adoption in the US and developed Europe of combinations of certain immune checkpoint inhibitors and Inlyta for the first-line treatment of patients with advanced renal cell carcinoma.