Pfizer anticipates authorization of new booster this month as revenue from COVID products decreases

According to Pfizer CEO Albert Bourla, the Food and Drug Administration (FDA) is expected to give authorization for Pfizer’s updated COVID-19 boosters by the end of August. However, it remains uncertain how much demand there will be for the booster once it is available. This uncertainty is evident in the declining sales of Pfizer’s COVID-19 products.

During an earnings call, Bourla acknowledged the higher level of uncertainty surrounding the demand projections for COVID-19 products compared to the rest of Pfizer’s business. It’s worth noting that Bourla had previously projected around 100 million doses of COVID-19 vaccines to be administered in the US this year, with 60 percent expected to be Pfizer’s. However, only 12.4 million doses were administered in the first half of the year.

In the second quarter, Pfizer reported a significant decline in sales, with a revenue of $12.73 billion, down 54 percent from the same period last year. The revenue contraction was primarily driven by the anticipated decline in sales of Paxlovid and Comirnaty, the name under which Pfizer’s shot is marketed. Pfizer’s vaccine sales plummeted 83 percent to $1.49 billion, while Paxlovid’s revenue dropped 98 percent to $143 million.

Despite these sales figures, Bourla remains optimistic, citing the upcoming fall and winter respiratory disease season as a crucial period for respiratory vaccinations, including COVID-19 vaccinations. He expects COVID-19 vaccinations to follow the typical pattern of increased demand during this season. Bourla also anticipates a new wave of COVID-19 to hit the US in the fall, supported by the current increase in infection rates.

It’s important to note that the federal government is no longer providing funding for COVID-19 vaccines, signaling the shift of vaccines to the commercial market. Pfizer sells Paxlovid to the government at approximately $530 for a five-day course of treatment, but the commercial pricing has not been disclosed yet. In preparation for the upcoming fall, the FDA has advised vaccine manufacturers to target the XBB.1.5 strain, even though it is no longer the dominant strain. The newer dominant strain, XBB.1.16, accounts for around 15 percent of new cases.

Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.