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Albert Bourla, CEO of Pfizer
Win McNamee / Getty Images
For the past two weeks, like
AstraZeneca
has stumbled upon the launch of its Covid-19 vaccine and
Johnson and Johnson
reported efficacy data that fell below expectations,
Pfizer
has gained more confidence in short-term sales of its own vaccine offering.
Following news of its competitors’ stumbles, the company (ticker: PFE) increased its estimate of Covid-19 vaccine sales for 2021 by $ 2 billion, to the $ 15 billion announced Tuesday. That increase boosted Pfizer’s earnings guidance for 2021 by 10 cents a share.
“What happened in the last two weeks is that we saw the approval of AstraZeneca in Europe and how it was perceived by some European countries, with some restrictions on age,” said Pfizer CEO Albert Bourla. Barron, referring to a decision by the German authorities not to recommend the AstraZeneca (AZN) Covid-19 vaccine for adults over 65, and a similar decision by the French authorities.
“We saw the results from J&J,” Bourla continued, referring to the Phase 3 study that found the Johnson & Johnson (JNJ) Covid-19 vaccine was only 66% effective in preventing moderate to severe Covid-19 globally. , 72% effective in the US “We’re getting a much better picture of AstraZeneca’s manufacturing capabilities and Johnson & Johnson’s manufacturing capabilities.”
Those disappointments for competitors, Bourla said, have led Pfizer to think that it will be able to sell more doses this year than expected.
“We increased our sales, therefore, by $ 2 billion,” he said.
The company now expects its Covid-19 vaccine to represent a “high 20” percentage of its 2021 revenue, according to its earnings statement Tuesday.
Pfizer co-developed the vaccine with German biotechnology
BioNTech
(BNTX), who was the inventor of the vaccine. While the vaccine has some drawbacks compared to other companies’ offerings, including the need for two doses and extremely cold storage conditions during transport, its 95% effectiveness in preventing Covid-19 is among the best.
While Johnson & Johnson’s vaccine was only 66% effective in preventing moderate to severe Covid-19, significant emphasis has been placed on its 85% effectiveness against severe disease. Reports in recent days have argued that the efficacy of a serious illness is far more important in a vaccine than the ability to protect against all the symptoms of Covid-19.
But Bourla argued that protection against all the symptoms of Covid-19 still mattered, especially when countries seek herd immunity against the virus.
“In a crisis, I think you should get help,” said the CEO. But, he added, “you want herd immunity from vaccines … I think it makes a big difference to have a vaccine that will have very high levels of protection.”
Unlike the competition
Modern
(MRNA), Pfizer has yet to begin work on a booster vaccine to protect against the South African strain of the virus. The current vaccine still appears to be effective, Bourla said, but the company is looking for real-world evidence that the vaccine is losing efficacy, including tracking effectiveness in Israel.
He said there was work going on in Pfizer labs to prepare a construct that will be ready to go if a booster is needed for an emerging strain.
“So far, we have no evidence that the current Brazil, South Africa or the United Kingdom [strain] he’s escaping ”from the protection of the vaccine, Bourla said.
Pfizer shares fell 2% on Tuesday. The company’s earnings report was mixed, slightly missing earnings expectations but increasing guidance for 2021.
Write to Josh Nathan-Kazis at [email protected]
