Pfizer reported its first-quarter 2021 revenues of $14.6 billion, an impressive 42% operational growth. It’s much tamer when you exclude gains from the COVID-19 vaccine developed with Germany’s BioNTech. The first-quarter revenues for the vaccine account for $3.5 billion of total revenues of $14.6 billion.
“I am extremely proud of the way we have begun 2021, delivering strong financial results in the first quarter,” said Albert Bourla, chairman and chief executive officer of Pfizer. “Even excluding the growth provided from BNT162b2 (the COVID-19 vaccine), our revenues grew 8% operationally, which aligns with our stated goal of delivering at least a 6% compound annual growth rate through 2025.
In addition, we have achieved capacity to supply urgently-needed doses of BNT162b2 to the world. Each of these accomplishments further demonstrates our commitment to Pfizer’s purpose: Breakthroughs that change patients’ lives.”
The vaccine is currently approved for individuals 16 years of age and older. The company presented data about a month ago in support of the expanded indication. It is also conducting a Phase I/II/III seamless trial in children ages six months to 11 years of age, with three cohorts: five to 11 years; two to five years; and six months to two years.
Because of the boost from the vaccine, Pfizer is raising its guidance ranges for revenues, adjusted cost of sales as a percentage of revenues, adjusted R&D expenses, and adjusted diluted EPS.
Revenues are now adjusted from a range of $59.4 to $61.4 billion to a range of $70.5 to $72.5 billion. Adjusted cost of sales as a percentage of revenues was previously 32-33% and has been adjusted to 38 to 39%. SI & A expenses are now $11 to $12 billion, adjusted R&D expenses have risen from $9.2 to $9.7 billion to $9.8 to $10.3 billion.