US drugmaker Pfizer reported a net income of $7.86 billion due to the COVID-19 vaccine and the Paxlovid pill.
The vaccine helped the drugmaker to report $13 billion in sales in the quarter as the Paxlovid pill brought in $1.5 billion helping to boost the company’s revenue by 77 per cent. The profits of the company grew 61 per cent.
The adjusted earnings of the company stood at $1.62 per share in the first quarter which surpassed $1.49 projected by industry experts. The company’s revenue was $25.66 billion which was above Wall Street’s expectation of $24.1 billion.
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Pfizer had launched its vaccine for adults in late 2020 in the US and later expanded it to include children.
The pharmaceutical giant had said last month that a third dose of the COVID-19 vaccine protection against the Omicron variant in children was meant for age group of 5 to 11.
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The vaccine maker had added that it will apply for US emergency use authorization for the booster dose for the age group.
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