Pfizer beats target with vaccine boost

Pfizer’s quarterly profit beat market estimates, partly helped by higher-than-expected sales of its blockbuster pneumonia vaccine, Prevnar. The company also raised its full-year earnings forecast.

Shares of the largest US drugmaker were up marginally at one stage. Pfizer sold $1.52bn (€1.3bn) worth of Prevnar in the third quarter, down nearly 1% from a year earlier, but ahead of analysts’ estimate of $1.46bn.

The vaccine, which accounted for 11.5% of Pfizer’s revenue, fuelled Pfizer’s growth until the last few quarters, when its sales have shrunk. “Prevnar was a notable beat this quarter,” Credit Suisse analyst, Vamil Divan, said.