Pfizer boosts COVID shot forecasts by $2 billion

STORY: Pfizer on Tuesday (November 1) raised forecasts for annual sales of its COVID-19 vaccine by $2 billion.

Pushing it up to $34 billion.

That’s due to demand for Omicron-targeted boosters.

The U.S. drug maker’s shares rose 2.4% in morning trade thanks to better-than-expected sales of the vaccine.

Third-quarter sales of the COVID-19 shot came in at $4.4 billion, blowing past estimates of $2.6 billion.

That helped overall third-quarter profit beat estimates too.

The upbeat earnings also sent shares of rival COVID-19 vaccine makers higher.

Novavax and Moderna both saw strong gains.

Sales of COVID-19 vaccines have eased since the highs of the global health crisis.

In response Pfizer plans to roughly quadruple the price of the shots in the U.S.

But that’s only once the government stops buying doses and shifts to a private market.