US pharmaceutical company Pfizer has made $3.5 billion (€2.9 billion) from Covid vaccine sales for the first quarter of 2021, according to its quarterly earnings report published on Tuesday.
Pfizer - Credit - Montgomery County Planning Commission
The drug company estimates Covid vaccine sales alone should generate around $15 billion (€12.4 billion) in sales for 2021 as it looks to raise its full-year estimates to around $72 billion (€64 billion).
Read more: European Commission launches legal action against AstraZeneca
Pfizer splits earnings made from Covid vaccines 50/50 with its co-developer BioNTech and the two have already placed orders for as many as 1.6 billion vaccine doses for 2021.
It is expected that US President Joe Biden's plans to inoculate most adults by the end of the year will also drive demand for domestic vaccine production.
To this end, the US is also looking to approve the Pfizer vaccine for use in adolescents between the ages of 12 and 15 once older people have been given their jabs.
This comes a little after a month following clinical trials suggesting the vaccine is safe for use in this age bracket, allowing the pharmaceutical company to submit it for US regulation.
The FT reports that the jab should be given approval sometime next week in an attempt to drive the US closer to "herd immunity."
Pfizer's vaccine has been administered over 131 million times, according to the US Centers for Disease Control and Prevention.
Increased availability of vaccines has caused the number of reported cases and deaths attributed to the disease.
The US is currently reporting a little under 60,000 new cases daily - a significant drop from its 303,000 peak in January.
The UK has also recently ordered 60,000 Pfizer doses as booster shots for the Autumn period.
Read more: UK orders 60m Pfizer shots for autumn boosters
These will mainly be limited to the most vulnerable in society, who are far more likely to require early boosters to support their immunisation.
Pfizer has further donated $70 million (€58.2 million) in Covid drugs to India as its vaccine awaits certification for use in the nation.
Among those items donated include steroid drugs, anticoagulants and antibiotics.
However, Pfizer has also come under fire for opting to sell its vaccines for a profit during the pandemic, unlike other drug companies.
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