Pfizer reported a 59 per cent annual jump in second-quarter net profit as the company increased its forecast for the Covid-19 vaccine sales.
The company’s net profit increased to $5.6 billion, over $2bn more than the same period last year.
The speed and efficiency of our efforts with BioNTech to help vaccinate the world against Covid-19 have been unprecedented
Albert Bourla,
chairman and chief executive of Pfizer
Revenue soared nearly 92 per cent yearly to $18.9bn in three months to June 30. It marginally exceeded the analysts’ expectation of $18.7bn.
“The second quarter was remarkable in a number of ways. Most visibly, the speed and efficiency of our efforts with BioNTech to help vaccinate the world against Covid-19 have been unprecedented, with now more than a billion doses … been delivered globally, Albert Bourla, chairman and chief executive of the company, said.
The shot developed by Pfizer and German pharmaceutical company BioNTech against Covid-19 added $7.8bn in the company’s sales in the second quarter, surpassing the analysts’ expectation of $7.05bn.
The New York-based drug maker now expects the shots to add $33.5bn this financial year, up from the previous estimate of $26bn, as the new delta variant spreads and researchers contemplate on suggesting booster shots to improve immunity.
Pfizer said it is developing a booster dose for the delta variant. It expects to start clinical studies testing its delta variant vaccine from next month.
“Looking forward, we remain highly confident in our ability to achieve at least a 6 per cent compound annual growth rate through 2025 … and intend to build upon our recent successes by continuing to follow the science, trust in our people and remain focused on delivering breakthroughs,” Mr Bourla added.
Pfizer said it is investing in areas “where we can win”. “We are scaling emerging technology platforms, maintaining patient centricity … and reducing approval development cycle times,” it said.
The company now expects its full-year revenue to hover in the range of $78bn to $80bn, compared with $70.5bn to $72.5bn announced earlier.
The adjusted earnings per share are projected to reach $3.9 to $4.05, up from the previous prediction of $3.5 to $3.6.
The second-quarter earnings highlighted the “underlying strength of our business, with consistent and solid growth coming from multiple products and categories”, Frank D’Amelio, chief financial officer and executive vice president for global supply at Pfizer, said.
“As a result of updates to our expectations for our business … we are increasing our 2021 financial guidance ranges for revenues and adjusted diluted EPS for the second quarter in a row,” he added.
All units of Pfizer showcased good growth in the second quarter.
Pfizer’s internal medicine unit sales surged 5 per cent yearly to $2.4bn in the three-month period. Revenue from the oncology unit increased by almost 19 per cent on an annual basis to $3.1bn.
The company’s inflammation and immunology department added more than $1bn in sales, a yearly increase of 9 per cent. Its hospital unit contributed $2.2bn in sales, almost 21 per cent more than the prior year period.
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
T20 World Cup Qualifier fixtures
Tuesday, October 29
Qualifier one, 2.10pm – Netherlands v UAE
Qualifier two, 7.30pm – Namibia v Oman
Wednesday, October 30
Qualifier three, 2.10pm – Scotland v loser of qualifier one
Qualifier four, 7.30pm – Hong Kong v loser of qualifier two
Thursday, October 31
Fifth-place playoff, 2.10pm – winner of qualifier three v winner of qualifier four
Friday, November 1
Semi-final one, 2.10pm – Ireland v winner of qualifier one
Semi-final two, 7.30pm – PNG v winner of qualifier two
Saturday, November 2
Third-place playoff, 2.10pm
Final, 7.30pm
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
Real Madrid 1
Ronaldo (87')
Athletic Bilbao 1
Williams (14')
MATCH INFO
Uefa Champions League semi-finals, first leg
Liverpool v Roma
When: April 24, 10.45pm kick-off (UAE)
Where: Anfield, Liverpool
Live: BeIN Sports HD
Second leg: May 2, Stadio Olimpico, Rome
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Key fixtures from January 5-7
Watford v Bristol City
Liverpool v Everton
Brighton v Crystal Palace
Bournemouth v AFC Fylde or Wigan
Coventry v Stoke City
Nottingham Forest v Arsenal
Manchester United v Derby
Forest Green or Exeter v West Brom
Tottenham v AFC Wimbledon
Fleetwood or Hereford v Leicester City
Manchester City v Burnley
Shrewsbury v West Ham United
Wolves v Swansea City
Newcastle United v Luton Town
Fulham v Southampton
Norwich City v Chelsea
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Sanchez's club career
2005-2006: Cobreloa
2006-2011 Udinese
2006-2007 Colo-Colo (on loan)
2007-2008 River Plate (on loan)
2011-2014 Barcelona
2014–Present Arsenal
Read more about the coronavirus
