Pfizer on Wednesday reported its second quarter results, beating top- and bottom-line expectations and raising its guidance for 2021 yet again. The U.S. pharmaceutical giant reported a net profit of $5.56 billion on revenue of $18.98 billion for the second quarter of 2021, mainly thanks to its COVID-19 vaccine. BNT162b2, as the drug is officially called, accounted for 41 percent of Pfizer’s revenue for the quarter, dwarfing any other drug in Pfizer’s vast portfolio.
Due to additional supply agreements signed since the company’s last earnings report, Pfizer, which developed the vaccine in cooperation with German biotechnology company BioNTech, now expects to deliver 2.1 billion doses of the mRNA vaccine this year, raising its revenue guidance for the drug from $26 billion to $33.5 billion. Thanks to that increase, the company raised its overall revenue guidance to $78 to $80 billion, which would represent 86 to 91 percent year-over-year growth.
The drugmaker stands to make a sizeable profit from its vaccine breakthrough, as it expects an adjusted income before tax margin in the high 20s for BNT162b2 , even after accounting for the 50-percent gross profit split with BioNTech.