American pharmaceutical company Pfizer announced on Thursday a 78% jump in its profit during the 2nd quarter of 2022, particularly because of the sales of its vaccine and anti-COVID pill.
The company stated that demands for COVID-19 products remain strong.
From April to June, the laboratory’s turnover jumped up by 47% reaching 27.74 billion dollars, setting a new record.
On the stock market, the company’s stock rose 1% in pre-market trading as its overall net profit rose to $9.91 billion despite a stronger dollar.
Sales of Pfizer’s Covid-19 vaccine have caused much of its growth over the past year.
Its revenue is expected to be further boosted by the antiviral treatment Paxlovid, which the demand for has surged in recent years.
Paxlovid’s sales of $8.1 billion beat Refinitiv’s estimate of $7 billion.
The company said it recorded an inventory write-down of $450 million in the second quarter, related to Covid-19 products that exceeded or approached the shelf limit.
Demand for Paxlovid has recently increased in the United States and other countries due to new outbreaks.
Pfizer has banked on demand for vaccine recalls driving sales over the next few years.
Last month, the company and its partner BioNTech signed a $3.2 billion contract with the US government for 105 million doses of their vaccine, which includes the supply of boosters tailored to the Omicron variant, pending clearance.
The company now expects full-year adjusted earnings of $6.30 to $6.45 per share, down from an earlier forecast of $6.25 to $6.45 per share.
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