Australia markets open in 8 hours 5 minutes
  • ALL ORDS

    7,581.10
    -109.60 (-1.43%)
     
  • AUD/USD

    0.7237
    -0.0051 (-0.71%)
     
  • ASX 200

    7,275.60
    -108.60 (-1.47%)
     
  • OIL

    74.75
    -0.70 (-0.93%)
     
  • GOLD

    1,736.60
    -15.40 (-0.88%)
     
  • BTC-AUD

    57,382.45
    -2,700.40 (-4.49%)
     
  • CMC Crypto 200

    1,025.27
    -31.88 (-3.02%)
     

How much money will Pfizer make from COVID-19?

·2-min read
COVID-19 vaccines in a row, the Pfizer logo and Australian $100 notes scattered on top of each other.
Pfizer updated it's outlook after sales exceeded it's original forecasts (Source: Getty)

Pfizer has raised it’s full-year sales forecast by 30 per cent after it said demand for the vaccine far exceeded original expectations.

Now, Pfizer (PFE) said it believes it will make $45 billion in sales by the end of the year.

Last quarter the company said revenue was up 92 per cent year-on-year thanks to the global vaccine rollout.

Pfizer CEO Dr Albert Bourla said the company’s second quarter was “remarkable” in a number of ways.

“The speed and efficiency of our efforts with BioNTech to help vaccinate the world against COVID-19 have been unprecedented, with now more than a billion doses of [the vaccine] having been delivered globally,” Bourla said.

“Looking forward, we remain highly confident in our ability to achieve at least a 6 per cent compound annual growth rate through 2025 and intend to build upon our recent successes by continuing to follow the science, trust in our people and remain focused on delivering breakthroughs for the patients we serve.”

Global vaccine rollout

In the United States around half of the vaccinated population has received Pfizer. At this stage half of the US population is fully vaccinated.

In the United Kingdom around 60 per cent of the population is fully vaccinated.

Australia has been a straggler in the global vaccine rollout with limited supply of the Pfizer vaccine, which is preferred for those under 60 years old.

The botched vaccine rollout has cost the economy billions of dollars as NSW was plunged back into lockdown.

The Australian economy is now facing its biggest jolt since the depths of last year's recession with the Sydney lockdown extended until the end of August.

Economists have downgraded their forecasts for the national economy in the September quarter, expecting it to head towards a steep contraction.

Asked on the ABC whether Australians should prepare for a recession, Treasurer Josh Frydenberg said: "We don't know what's around the corner with respect to COVID."

"And seeing our two biggest states in lockdown over the quarter is going to have a significant economic impact."

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting