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Pfizer Raises Estimates for 2021 Sales of COVID-19 Vaccine to $33.5 bln

A person walks past a Pfizer logo amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, US, April 1, 2021. REUTERS/Carlo Allegri/File Photo
A person walks past a Pfizer logo amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, US, April 1, 2021. REUTERS/Carlo Allegri/File Photo
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Pfizer Raises Estimates for 2021 Sales of COVID-19 Vaccine to $33.5 bln

A person walks past a Pfizer logo amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, US, April 1, 2021. REUTERS/Carlo Allegri/File Photo
A person walks past a Pfizer logo amid the coronavirus disease (COVID-19) pandemic in the Manhattan borough of New York City, New York, US, April 1, 2021. REUTERS/Carlo Allegri/File Photo

Pfizer Inc on Wednesday raised its forecast for sales of the COVID-19 vaccine that it developed with Germany's BioNTech by 28.8% to $33.5 billion, as countries scramble to secure supply of the shots.

The company said the raised sales forecast of the vaccine is based on signed deals for 2.1 billion doses this year, reported Reuters.

The drugmaker's previous forecast in May of $26 billion was based on deals signed for 1.6 billion doses. Wall Street analysts were broadly in line with that forecast at $28.51 billion, according to nine analysts polled by Refinitiv.

Since then, Pfizer has said it expects to produce as much as 3 billion doses this year.

Expenses and profit from the vaccine are split 50-50 between Pfizer and BioNTech.

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Brazil President Signs Law Authorizing Offshore Wind Development

Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
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Brazil President Signs Law Authorizing Offshore Wind Development

Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)
Brazilian President Luiz Inacio Lula da Silva attends an event marking two years since the alleged coup attempt when supporters of former President Jair Bolsonaro invaded government buildings and called for a military intervention, in Brasilia, Brazil, Wednesday, Jan. 8, 2025. (AP)

Brazilian President Luiz Inacio Lula da Silva has signed into law a bill authorizing the development of offshore wind farms, a statement said late on Friday, a bid to strengthen the country's energy security and spark a wave of investment.

The new law foresees incentives for the development of offshore energy projects in Brazilian territorial waters, the statement said.

Offshore wind speeds tend to be faster and steadier than on land, a potential advantage compared with wind farms built on a continent. But offshore wind farms can be expensive, difficult to build and potentially affect marine animals and birds, according to the American Geosciences Institute.

The Brazilian government said the law provides guidelines for projects and restoration of explored areas, in addition to requiring prior consultations with affected communities to ensure "respect for traditional maritime practices and local culture."

More than 80% of Brazil's electricity comes from renewable sources, mainly hydroelectric, according to government data.

The president vetoed provisions in the law, introduced during the congressional debate, which would maintain incentives for "more polluting, expensive and inefficient energy sources such as thermoelectric, coal and gas plants," the statement said.