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The vaccine, which it co-developed with Germany’s BioNTech SE (NASDAQ:BNTX), generated $3.5 billion in revenue in the first quarter, beating the consensus estimate of $3.28 billion, according to six analysts polled by Refinitiv.
“Based on what we’ve seen, we believe that a durable demand for our COVID-19 vaccine – similar to that of the flu vaccines – is a likely outcome,” Chief Executive Officer Albert Bourla said in his prepared remarks ahead of the conference call.
Cost and gross profit from the vaccine are split 50-50 between Pfizer (NYSE:PFE) and BioNTech. The raised goal assumes 1.6 billion vaccine doses will be delivered in the year.
The U.S. drugmaker had previously forecast sales of $15 billion. It now expect to manufacture at least 3 billion doses of the vaccine next year.
The two-dose vaccine has shown an efficacy rate of more than 90% in late-stage trials, on par with Moderna (NASDAQ:MRNA) Inc’s vaccine but higher than the rates seen from AstraZeneca (NASDAQ:AZN) plc and Johnson & Johnson (NYSE:JNJ).
Moderna has forecast $18.4 billion in 2021 sales of its COVID-19 vaccine.
Pfizer has said it expects to profit from the vaccine, while some drugmakers including Johnson & Johnson have said their vaccine will be available on a not-for-profit basis until the end of the pandemic.
Shares the company was up 1.5% in premarket trading.
