Pfizer achieved revenues of $3.5 billion from coronavirus vaccine sales, accounting for about a quarter of the company's revenues during the first quarter of the current year. This figure exceeded analysts' expectations of $3.3 billion. Pfizer's total revenues reached $14.6 billion in the first quarter, surpassing expectations of $13.5 billion. The company raised its COVID-19 vaccine sales forecast for this year by 70% to $26 billion, amid increasing global vaccine demand and the expectation of receiving U.S. regulatory approval for widespread use of the vaccine this month, as it is currently authorized for emergency use only in the United States.
In contrast, AstraZeneca reported revenues of $275 million from its non-profit Covid-19 vaccine in the first quarter. Meanwhile, sales of cancer drugs and growth in emerging markets helped the pharmaceutical company exceed profit and sales expectations. AstraZeneca's revenues totaled $7.3 billion, excluding contributions from the vaccine it developed with the University of Oxford, marking a 15% year-over-year increase and surpassing expectations of $7 billion. The company’s core earnings per share rose by 55% to $1.63, exceeding the average analyst estimate of $1.48. Pre-tax profit was approximately $1.6 billion. However, costs related to vaccine production exceeded revenues in the first quarter, leading to a negative impact and a post-tax loss of $40 million. This was the first time the company disclosed sales figures for one of the world's leading vaccines, which faced scrutiny over concerns about links to very rare blood clots, and the company is embroiled in a legal battle with the European Union over delivery shortfalls.
