Pfizer keeps COVID sales forecast unchanged as pandemic curbs ease: Reuters

Pfizer’s shares were down about 1.2 percent in premarket trading (Shutterstock)
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Updated 03 May 2022
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Pfizer keeps COVID sales forecast unchanged as pandemic curbs ease: Reuters

Pfizer Inc. maintained sales forecasts for its COVID products on Tuesday after a series of hikes to the sales outlook for its COVID-19 vaccine last year, in a sign that dizzying growth has slowed, according to Reuters.

Several countries across the globe have eased pandemic-linked restrictions and relaxed rules related to masking and quarantines, even as cases rise in some regions.

Diminished concern over COVID among both patients and governments could generate uncertainty over Pfizer’s ability to exceed sales forecasts for its vaccine and pill, Citi analyst Andrew Baum said in a research note.

The company said it expects $22 billion in sales of its COVID pill Paxlovid this year, compared with analysts’ average expectation of $26.1 billion.

Pfizer had previously said its forecast for $22 billion in Paxlovid sales only represents a fraction of the 120 million courses the company is able to manufacture this year.

The company’s reluctance to lift that forecast could suggest a dearth of new sales contracts for the pill during the first quarter.

In prepared remarks for the company’s conference call with investors, Chief Executive Albert Bourla said the company had seen a significant pickup in the drug’s use in the United States recently, and that some countries experiencing recent outbreaks had asked for more treatment courses.

“We expect the recent trends to expand access, as well as inquiries received from governments as the virus mutates and causes spikes in infections around the world, to result in increased orders in the coming months,” Bourla said.

The drugmaker also reiterated its forecast of $32 billion in sales from the vaccine it developed with BioNTec. It had raised the forecast for the vaccine’s sales every quarter in 2021.

Pfizer expects to submit data supporting authorization of a three-dose regimen of the vaccine for children under the age of 5 to US regulators by early June. The US Food and Drug Administration has already scheduled meetings later in June to consider authorization in that age group.

The company is also working on a potential update of its vaccine to combat the omicron variant of the coronavirus, which it hopes will help provide broad coverage in the fall.

Pfizer earned $1.67 per share excluding items in the first quarter, according to Refinitiv, beating estimates for $1.47 per share.

Sales of the COVID-19 vaccine were higher than analysts had forecast in the quarter as they had been booked earlier, according to SVB Securities analyst Mani Foroohar. Foroohar said that the front loading of sales was “a clear signal of slowing in the vaccine end market.”

Pfizer’s shares were down about 1.2 percent in premarket trading.


Free trade negotiations between GCC, India mark a new phase of partnership, says secretary-general

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Free trade negotiations between GCC, India mark a new phase of partnership, says secretary-general

RIYADH: The Gulf Cooperation Council’s secretary-general affirmed that the negotiations for a free trade agreement between the GCC and India, and the signing of the joint statement, represents a new phase of strategic partnership.

Jasem Mohamed Al-Budaiwi said that this contributes to enhancing close cooperation and strengthening economic and trade ties, according to the Saudi Press Agency.

This came during the signing ceremony of the joint statement on launching the free trade agreement negotiations between the Al-Budaiwi and India’s Minister of Commerce and Industry, Piyush Goyal, which took place in New Delhi, on Tuesday.

During the signing ceremony, Al-Budaiwi said that the Terms of Reference, signed on Feb. 5, provide a comprehensive and clear framework for these negotiations. The two nations agreed to discuss enhancing cooperation in vital strategic areas, including trade in goods, customs procedures, and services.

Additionally, the framework covers Sanitary and Phytosanitary measures, intellectual property rights, cooperation on Micro, Small, and Medium Enterprises, along with other topics of mutual interest. This reflects the comprehensive nature of the agreement and its ability to keep pace with the future economy.

Al-Budaiwi expressed hope that these negotiations would lead to a comprehensive and ambitious free trade agreement that works to remove customs and non-customs barriers, enhance the flow of quality investments in both directions, and achieve further liberalization in trade and investment cooperation between the GCC and India for mutual benefit. 

This would provide a stimulating economic environment and an investment climate that opens broad horizons for the business sector, supports supply chains, and accelerates the pace of economic growth in line with the ambitious developmental visions of the GCC states. 

The top official affirmed the full readiness of the General Secretariat to host the first round of negotiations at its headquarters in Riyadh during the second half of this year.

The two sides held a meeting during which they reviewed the existing cooperation relations between the GCC and India and discussed ways to develop and elevate them to broader horizons, serving mutual interests and enhancing opportunities for strategic partnership between the two sides, particularly in the economic, investment, and trade fields.

They praised the role undertaken by the negotiating teams from both sides, appreciating the efforts contributing to reaching a comprehensive agreement that enhances economic integration and supports the smooth flow of trade between the two nations.