Pfizer profits boost as demand for Covid-19 vaccine remains high           

While vaccine powered much of company's growth last year, its antiviral treatment Paxlovid, whose demand has surged in recent months, is expected to further bolster revenue

Pfizer has been banking on demand for vaccine boosters to drive up sales in the next few years.

Pfizer beat second-quarter profit expectations as its Covid-19 pill as well as vaccine remained in high demand following an uptick in infections in the US. 

Revenue from the antiviral pill, Paxlovid, exceeded market estimates by more than $1bn (€983m), while vaccine sales surged 20%, helping the drug maker reaffirm the combined 2022 revenue forecast of $54bn. 

Pfizer also kept its full-year sales forecast unchanged, despite taking a $2bn hit due to a stronger dollar, sending its shares up 1% in premarket trading.

While its coronavirus vaccine powered much of its growth last year, its antiviral treatment Paxlovid, whose demand has surged in recent months, is expected to further bolster revenue.

Paxlovid sales of $8.1bn beat expectations of $7bn, according to Refinitiv data, as it becomes the most used Covid antiviral in the US.

Pfizer has been banking on demand for vaccine boosters to drive up sales in the next few years.

The company and its partner BioNTech of Germany last month signed a $3.2bn deal with the US government for 105 million doses of their vaccine, which includes supply of retooled Omicron-adapted booster, pending regulatory clearance. 

"One question that could be asked is why Pfizer maintained... Covid vaccine guidance despite getting an incremental $3bn plus order from the US government," said Wells Fargo analyst Mohit Bansal.

Pfizer's quarterly profit rose to $9.91bn from $5.56bn last year. Excluding items, it earned $2.04 per share, above estimates of $1.78. 

• Reuters