In after-hours trading, stocks of Pfizer jumped as it boosted its full-year sales forecast for its Covid-19 vaccine after posting better than expected third-quarter results.
Accordingly, the pharmaceutical firm climbed 0.75% or 0.34 points to $45.79 per share.
Subsequently, it followed its Tuesday hike of 4.15% or 1.81 points to $45.45 per share.
Moreover, Pfizer uplifted its earnings guidance on its vaccine jointly developed by German partner BioNTech.
It raised its projected vaccine sales by 7.50% to $36.00 billion, 200.00 million more than the projected $33.50 billion last July.
In line with this, the company is also on track to deliver 2.30 billion doses of the Covid-19 vaccine.
Consequently, it increased its estimated revenue between $81.00 to $82.00 billion from the last expected data of $78.00 to $80.00 billion.
Furthermore, it anticipates its diluted earnings per share to elevate between $4.13 to $4.18 from the previous $3.95 to $4.05.
Meanwhile, in the third-quarter report, its revenue surged 134.00% to $24.09 billion from the $10.28 billion in the same period last year.
Correspondingly, its vaccine profits surged to $14.58 million, significantly higher than the previous $1.72 million.
In addition, its diluted earnings skyrocketed 129.00% to $1.34 per share from the prior figure of $0.59 per share.
Consequently, the positive movement of the company amplified as it signed deals with countries for third doses. Accordingly, it also received clearances for using its shots in children.
However, non-governmental organizations criticized Pfizer over its delays in shipping jabs to developing countries, specifically in Africa.
Pfizer CEO Albert Bourla explained that the company currently boosts its efforts to improve its supply to low and middle-income countries.
Pfizer Outpaces Moderna, J&J
Meanwhile, the sales of Pfizer vastly outpaced its rivals Moderna Inc. and Johnson & Johnson.
Subsequently, it is first to gain approval from US officials and emergency use authorization for children and booster shots.
Then, J&J currently deals with production snags and safety concerns related to rare side effects such as myocarditis and blood clots.
Conversely, its share price declined 0.11% or 0.19 points to $165.40 per share. It reversed its last climb of 1.58% or 2.57 points to $165.59 per share.
Consequently, the US Food and Drug Administration mentioned delays in the review for the Moderna shots for adolescents.
Similarly, the firm amplified 0.25% or 0.86 points to $349.50 per share. It supported its Tuesday gain of 3.40% or 11.47 points to $349.50 per share yesterday.
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