Pfizer lifts sales forecast for COVID-19 vaccine to $26 billion

Pfizer (NYSE:PFE) DOWN 1.52% AT 5238.20

Pfizer Inc on Tuesday forecast $26 billion in sales of the COVID-19 vaccine this year, an increase of more than 70% from its last projection and a reflection of the growing global vaccination drive.

The vaccine, which it co-developed with Germany’s BioNTech SE (NASDAQ:BNTX), generated $3.5 billion in revenue in the first quarter, beating the consensus estimate of $3.28 billion, according to six analysts polled by Refinitiv.

“Based on what we’ve seen, we believe that a durable demand for our COVID-19 vaccine – similar to that of the flu vaccines – is a likely outcome,” Chief Executive Officer Albert Bourla said in his prepared remarks ahead of the conference call.

Cost and gross profit from the vaccine are split 50-50 between Pfizer (NYSE:PFE) and BioNTech. The raised goal assumes 1.6 billion vaccine doses will be delivered in the year.

The U.S. drug maker had previously forecast sales of $15 billion. It now expects to manufacture at least 3 billion doses of the vaccine next year.

On technical fronts Pfizer (NYSE:PFE) RSI stood at 61.85 and currently stock is trading Above All Moving Averages. So, BUY position can be taken with following target and stoploss.

TRADE SIGNAL -: Pfizer (NYSE:PFE) – BUY: 5238.20, TARGET: 5331.65, STOP LOSS: 5105.50

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