Pfizer climbs after boosting its 2021 COVID-19 vaccine sales forecast by 73%

• Shares of Pfizer rose on Tuesday after the drugmaker raised its COVID-19 forecast for 2021.
• The company now expects vaccine revenues of around $26 billion, 73% higher than the $15 billion initial target.
• In the first quarter, Pfizer said its vaccine drew $3.5 billion in sales during the first quarter from more than 50 countries.

Shares of Pfizer rose on Tuesday after the drugmaker raised forecasts for 2021 on the expectation of stronger full-year earnings than previously expected.

The New York-based drugmaker said it now expects COVID-19 vaccine revenues of around $26 billion, 73% higher than the $15 billion initial target, and now sees adjusted earnings per share of $3.55-$3.65, up from $3.10-$3.20, according to a statement Tuesday.

The company also said it aims to manufacture up to 2.5 billion doses in 2021 - having contracted around 1.6 billion vaccine doses to be delivered this year as of mid-April - and expects to have the capacity to manufacture at least 3 billion doses in 2022.

In the first quarter, Pfizer and its German partner BioNTech said their vaccine, BNT162b2, drew $3.5 billion in sales during the first quarter from more than 50 countries.

The Pfizer BioNTech COVID-19 vaccine collaboration is a 50/50 gross margin split.

Pfizer is among the three authorized and recommended vaccines in the US to prevent COVID-19, alongside vaccines from Moderna and Johnson & Johnson.

Albert Bourla, Pfizer CEO, said he is seeking full approval for their vaccine from the Food and Drug Administration this month.

On Monday, reports said that the FDA is set to authorize use of the Pfizer-BioNTech COVID-19 vaccine for adolescents ages 12-15 as early as next week.

"We also are in ongoing discussions with multiple countries around the world about their needs, and we expect these discussions to lead to additional supply agreements," Bourla said in a statement.

The CEO added that the companies are in talks with other countries for multi-year contracts for 2022 and beyond. Recently, Pfizer signed an agreement with the UK to supply 60 million additional doses in 2021, and with Israel to supply millions of doses in 2022.

The company has also reached an agreement with Canada to supply up to 125 million doses in 2022 and 2023, with options to supply up to 60 million additional doses in 2024, according to a statement.